Crypto
Ethereum Surges 27% as Institutional Demand Drives Price Growth
Ethereum has seen a significant price jump of 27% in the past month due to rising institutional demand. BitMine, led by chairman Tom Lee, acquired an additional 9,946 ETH over the past week, bringing its total holdings to 5,787,414 ETH. This represents approximately 4.8% of Ethereum's circulating supply.
BitMine has also staked a substantial portion of its holdings, with around 85% of its total being tied up in this way. The company now holds around $11.8 billion in total crypto, cash, marketable securities, and other investments.
The recent price jump has also led to Ethereum outperforming Bitcoin, with the ETH/BTC pair climbing toward 0.030 after breaking above a falling channel that had kept Ethereum weaker than Bitcoin for months.