BitMine Immersion Technologies added 23,823 ETH worth $103.7 million to its corporate treasury on Thursday, according to blockchain tracking firm Lookonchain, which cited data showing the company received the tokens from a BitGo wallet.
The acquisition comes as Fundstrat technical analyst Mark Newton predicted Ethereum would bottom over the next one to two days before rallying to $5,500, representing approximately 27% upside from current levels around $4,345.
BitMine Amasses $12.4B Treasury Despite Short-Seller Attack
BitMine officially holds 2.83 million ETH valued at roughly $12.4 billion, making it the largest public Ethereum treasury and second-largest crypto treasury behind Michael Saylor’s Strategy.
The company, led by Fundstrat co-founder Tom Lee, has stated on multiple occasions that it aims to accumulate 5% of Ethereum’s total supply and remains committed to supporting the network’s growing role in financial market services.
The latest purchase follows a week after BitMine received 20,020 ETH worth $89.7 million via FalconX on October 3, totaling over $193 million in Ethereum acquisitions within seven days.
However, shares of BMNR traded down 1.5% on Thursday, closing at $59.10, while Ethereum declined 1% over the past 24 hours to trade at $4,336.
The accumulation comes despite short-selling firm Kerrisdale Capital announcing a bearish position against BitMine on October 9, calling its business model “a relic on the verge of extinction.”
Newton’s technical analysis suggests Ethereum has experienced a minor three-wave pullback following a strong rally from September 25 into October 7, with the correction expected to end by October 11 before turning higher.
He noted ETH has already corrected 50% of the recent rally but could hit $4,200 to $4,220, providing an optimal support area before reversing upward.
The projection comes as institutional demand for Ethereum hits new highs, with treasury firms and exchange-traded funds now holding over 12.48 million ETH, roughly 10.31% of the network’s total supply.
Corporate Treasuries Drive Institutional Adoption Wave
Alongside BitMine, Bit Digital’s Ethereum holdings surged to approximately $675 million two days ago after purchasing an additional 31,057 ETH using proceeds from a recently completed $150 million convertible notes offering.
The Nasdaq-listed crypto infrastructure firm now holds approximately 150,244 ETH, marking a 50% increase as it pivots from Bitcoin mining to a full-fledged Ethereum-focused operation.
Major crypto-focused investors, including Kraken Financial, Jump Trading Credit, and Jane Street Capital, participated in the offering.
SharpLink Gaming disclosed it now holds 839,000 ETH with no debt on its balance sheet, generating over $900 million in unrealized gains since launching its Ethereum treasury strategy in June.
The company plans to tokenize its common stock on Ethereum and stake part of its holdings on Linea, a Layer 2 network developed by Consensys.
Joseph Lubin, SharpLink chairman and Consensys founder, said the company would continue accumulating Ether.
According to data from StrategicETHReserve, corporate treasuries hold approximately 5.70 million ETH, representing 4.71% of supply, while spot Ethereum ETFs collectively own around 6.93 million ETH, representing 5.73%.
Giving the bullish institutional adoption, Crypto hedge fund XWIN Finance argues Ethereum could reach $10,000 this cycle, driven by macro liquidity trends.
While Bitcoin surged over 130% since 2022 in response to M2 expansion, Ethereum lagged with only 15% gains.
However, ETH exchange reserves dropped over 25% since 2022, with negative netflows indicating coins are being locked in staking or cold wallets.
Validator Exit Queue Raises Concerns Despite Record DeFi TVL
A record $10 billion worth of Ethereum, exactly 2.44 million ETH, remains stuck in the validator exit queue as of October 8, with validators facing an average wait time exceeding 42 days.
The withdrawal backlog is one of the largest since Ethereum’s transition to proof-of-stake, which has raised concerns of potential selling pressure as ETH trades around $4,500, just 9.75% below its all-time high.
Analysts warn that if a substantial portion of queued ETH is eventually unstaked and moved to exchanges, selling pressure could trigger retracement toward the $3,800 to $4,000 support zone.
Decentralized Finance reached a milestone in Q3 2025, closing with a total value locked of $237 billion according to DappRadar.
Despite Ethereum’s growth picking up mid-year, it commanded over 49% of the sector’s value with $119 billion in TVL despite experiencing a 4% decline.
However, the dapp industry witnessed a 22.4% decline in daily unique active wallets, averaging 18.7 million daily during Q3, raising concerns about potential retail market exit.
Technical Analysis Points to Critical Support Test
Ethereum currently trades around $4,330 with immediate support at the $4,250 to $4,300 zone that provided multiple bounce opportunities throughout September and October.
Resistance levels sit at $4,412, $4,792, and ultimately $4,956, which are previous peaks. The consolidation between $4,000 and $4,800 creates a decision zone for future direction.
The $4,250 to $4,300 support has held through multiple tests, though it is now showing signs of weakening.
The most probable near-term scenarios include continued range-bound trading between $4,000 and $4,600, potential breakdown toward $3,800 to $4,000 if support fails, or breakout toward $4,700 to $5,000 if momentum develops.
As it stands now, Ethereum faces genuine uncertainty at current levels, with the $4,250 to $4,300 support zone critical.
If this level holds and corporate accumulation catalyzes additional buying, ETH could advance toward Newton’s $5,500 target within weeks.
However, failure to maintain support would likely trigger a correction toward $3,800 to $4,000, with the massive validator exit queue adding downside pressure.
Currently, both scenarios remain viable; however, the current technical setup favors consolidation before the next directional move materializes.
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