Crypto

BitMine boosts Ethereum holdings with $33.65 million purchase

Guavy AI Editorial Team Published October 7, 2026

Instruments

ETH

BitMine has made a significant move in the Ethereum market by acquiring 12,500 ETH (Ethereum) for $33.65 million from BitGo. This purchase boosts BitMine's holdings to 4.9% of Ethereum's total supply, which stands at 122.1 million ETH. The company is now close to reaching its target of holding 5% of Ethereum's supply, a milestone currently held by Alchemy.

At the time of the transaction, Ethereum was trading at $2,685.98 on the 4-hour chart. The price action shows ETH fluctuating within the Bollinger Bands, with lower support at $2,681.54 and upper resistance at $2,728.32. The EMA50 at $2,695.64 serves as immediate resistance, while the EMA200 at $2,601.49 provides a lower support level.

The Relative Strength Index (RSI) stands at 44.74, indicating a neutral stance. However, the Moving Average Convergence Divergence (MACD) shows a death cross at 0.02, signaling bearish momentum. This suggests that Ethereum may test the 50-EMA before any potential sustained upward movement.

BitMine boosts Ethereum holdings with $33.65 million purchase

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