Dec 3, 2025
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Bitmine and Linked Wallets Accumulate Nearly 50,000 ETH Amid Market Volatility
Ethereum has surged past the $3,000 mark, buoyed by favorable macroeconomic conditions and the Federal Reserve's cessation of Quantitative Tightening. This shift has bolstered liquidity expectations across risk assets, with markets anticipating an imminent interest rate cut.
- Bitmine continues to accumulate Ethereum, indicating bullish sentiment despite market volatility.
- Data from Arkham shows Bitmine recently purchased another 18,345 ETH, valued at approximately $54.94 million.
- A newly created wallet, potentially linked to Bitmine, withdrew 30,278 ETH ($91.16 million) from Kraken, suggesting long-term holding or staking intentions.
- If related to Bitmine, their daily accumulation could total nearly 50,000 ETH.
Ethereum's reclaim of $3,000 is a significant psychological milestone, supported by macro policy changes and whale activity.
Resistance Levels and Market Dynamics
- Ethereum's price improvement follows a corrective move from $4,500 to the $2,700–$2,800 support zone.
- Currently trading below the 50 SMA around $3,100–$3,150, which acts as a short-term resistance.
- A break above this moving average would enhance prospects for reaching the $3,400–$3,600 range.
- Volume has increased slightly but remains low compared to previous selling spikes, indicating cautious buying.
- For a confirmed trend reversal, Ethereum needs to surpass the 50 SMA and tackle resistance near $3,200–$3,300.
