Nov 3, 2025
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Bitmine Increases Ethereum Holdings to 3.4 Million ETH Amid Market Turmoil
On Nov. 3, Bitmine, led by Tom Lee, announced acquiring 82,353 ETH, increasing its total Ethereum holdings to 3.4 million ETH, valued at $14.2 billion. The firm aims to own 5% of Ethereum's circulating supply.
- Bitmine's cash reserves rose to $389 million from $305 million.
- The firm's stock price fell 7.48% after the purchase, reflecting investor concerns over a recent DeFi security breach.
- Weekly disclosures indicate consistent Ethereum purchases, including significant buys on Oct. 20 and Oct. 13.
The latest purchase coincided with a $120 million exploit targeting the Ethereum-based DeFi protocol, Balancer.
Ethereum Price Forecast
- Ethereum recently dropped below $3,700, forming a death cross between the 50-day and 200-day moving averages, suggesting potential further downtrend.
- Current price: $3,616, down 7.4%, marking its largest single-day loss since Oct. 10.
- RSI at 36.52 indicates oversold conditions, hinting at a possible short-term rebound towards $3,720.
- If Ethereum fails to maintain above $3,500, the next target could be around $3,300.