BitMine Increases ETH Treasury to $4.96 Billion Amid Rising Open Interest
Ethereum price surpassed $4,360, marking a peak for the fifth consecutive session. This increase is largely attributed to BitMine's significant accumulation of ETH, adding over 316,000 tokens in one week.
- BitMine’s ETH holdings rose from 833,137 to 1.15 million tokens, increasing its treasury value to $4.96 billion.
- ETH open interest reached nearly $60 billion, reflecting strong institutional and retail interest.
- BitMine stock (NASDAQ: IMMR) ranked among the top 25 actively traded US stocks with a five-day average volume of $2.2 billion.
- Fundamental Global (Nasdaq: FGNX) purchased 47,331 ETH as part of a $5 billion acquisition strategy targeting 10% of Ethereum's total supply.
- In the derivatives market, ETH open interest increased by 1.25%, and trading volume rose by 24.96% to $144.7 billion.
- Options volume surged 66.14% to $2.37 billion, indicating heightened speculative activity.
If demand persists, Ethereum could approach all-time highs above $4,900. However, high leverage levels may lead to rapid liquidations if market sentiment shifts.
ETH Price Forecast
- Trading above $4,360 with sustained volume may target $4,500 and previous highs above $4,891.
- A drop below $4,287 could retest $3,796, risking deeper pullbacks towards $3,400.
Ethereum corporate treasuries have seen substantial inflows, benefiting ETH-compatible wallets like Best Wallet, which raised over $14 million in its presale.