– Ethereum price drops 5%, trading below $4,000 – BitMine acquires 63,539 ETH worth $251 million – BitMine holds 3.29 million ETH, 2.73% of total supply – BitMine aims to accumulate 5% of Ethereum supply – Analyst predicts Ethereum rebound to $4,440
Ethereum Price Movement and Institutional Activity
- Ethereum faced selling pressure on Oct. 21, dropping below $4,000, a decline of approximately 5% in 24 hours.
- Institutional players like BitMine capitalized on the drop, purchasing 63,539 ETH (about $251 million) from exchanges Kraken and BitGo.
- BitMine, led by Tom Lee, now holds 3.29 million ETH valued at over $13 billion, accounting for 2.73% of Ethereum's supply.
- The firm's goal is to accumulate 5% of Ethereum's circulating supply.
- Tom Lee predicts a bullish target of $10,000 to $12,000 for ETH by end-2025, driven by institutional adoption.
Market Outlook and Analyst Predictions
- Current Ether trading price: around $3,880 with a market cap of $468 billion.
- Spot Ethereum ETFs experienced significant outflows, totaling $145.6 million.
- Analyst Ali Martinez forecasts a short-term rebound to $4,440, indicating the current dip as a healthy correction.
- Trader Merlijn suggests potential for ETH to follow a breakout similar to gold in 2024, possibly reaching five digits.