Bitmine Acquires 276,800 ETH, Drives Ethereum Rally
Bitmine Immersion Technology acquired 276,800 ETH (~$1.3bn) in two weeks of September, buying 74,300 ETH in week one and 202,500 ETH in week two, according to Crypto Patel. This aggressive institutional investment drove Ethereum’s price above $4,600 and toward $4,700. On-chain data show wallets holding 10,000–100,000 ETH have hit record highs, underlining whale accumulation and bullish sentiment. Traders should monitor Ethereum support levels and whale movements as key indicators. Bitmine’s move signals robust demand for Ethereum in smart contracts and DeFi, suggesting further upside.
Bullish
Bitmine’s large-scale ETH purchase and record whale accumulation signal strong institutional and investor confidence in Ethereum. The aggressive buying coincided with price breaking key resistance levels above $4,600, indicating upward momentum. In the short term, ongoing whale activity and on-chain accumulation are likely to support price stability and further rallies as demand in DeFi and smart contracts grows. Long-term, sustained institutional investment and growing large-holder balances could underpin market stability and encourage continued capital inflows. Therefore, the news is bullish for Ethereum’s price trajectory.