Bitmine Loads Up on Ether Amid Rising Momentum

Bitmine Immersion Technologies has made significant purchases of Ether (ETH), accumulating nearly 10,000 tokens over the past week and increasing its total holdings to 5.79 million ETH, or approximately 4.8% of the cryptocurrency's total supply.

This move comes as Ether has outperformed Bitcoin (BTC) in recent days, with a 2.4% gain compared to BTC's 0.7% loss over the past seven days, according to CoinGecko data.

Bitmine Chairman Tom Lee noted that the rising ETH/BTC ratio, which is at a three-month high, signals strengthening momentum for Ether.