BitMine Boosts Ethereum Holdings as Price Holds Above $2,700

Ethereum (ETH) maintained stability between $2,700 and $2,740, marking its first weekly close above $2,700 in nine months. The digital asset opened the new trading week at $2,707, up 0.52% in the previous 24 hours. BitMine, a treasury firm, acquired an additional 15,112 ETH tokens, bringing its total holdings to 6,016,414 ETH, or 4.9% of Ethereum’s circulating supply.

Technical analyst Ted Pillows identified $2,800 as a pivotal threshold. A weekly close above this level, accompanied by strong spot buying pressure, could trigger a rally toward $3,400-$3,500. Derivatives market momentum was evident, with open interest reaching $34.10 billion and options activity surging over 33%. However, spot Ethereum ETFs in the United States experienced $138 million in net redemptions, extending a streak of withdrawals.

BitMine’s Chairman Thomas Lee noted that ETH outperformed the S&P 500 by 6,832 basis points in Q3, despite challenging macro conditions. Ethereum appreciated more than 70% during the quarter, its best performance since Q1 2021. Beyond ETH, BitMine holds 214 Bitcoin tokens, equity positions in Beast Industries and Worldcoin, and $643 million in liquid assets.

Trading liquidity for Ethereum has deteriorated, with median order book depth contracting to 35-45% of Bitcoin’s levels. Despite this, derivatives markets showed expansion, with trading turnover advancing 15.17% to $29.02 billion. Liquidation data revealed $36.6 million in forced position closures, primarily from bearish wagers.