Ethereum Resilience Driven by Structural Bid Amid Macro Pressures

Ethereum (ETH) has held firm against the broader market downturn, with its price hovering around $2,662.70 as of Monday morning.

The cryptocurrency's resilience is partly due to the significant accumulation of ETH by BitMine Immersion Technologies, which has crossed 6 million tokens in its treasury, representing 4.9% of Ethereum's total supply.

This influx of demand from a single public company has contributed to the structural bid that underpins Ethereum's price, shielding it against macro pressures stemming from rising Treasury yields and oil prices.

As the third quarter comes to a close, Ethereum is poised to register its strongest quarterly performance on record, with a 71% gain since July. This surpasses Bitcoin's 42% increase over the same period.