The amount of Ethereum (ETH) held by BitMine Immersion Technologies has exceeded 4 million after the company made additional purchases last week.
This continuous accumulation is occurring amidst market volatility while Ethereum continues to face broad pressure. However, market analysts point to technical signals indicating a potential upward adjustment for this asset.
Companies in Thailand are increasing their holdings of Ethereum as BitMine has over 4 million ETH.
The largest holders of Ethereum in the business sector have revealed that they have acquired an additional 98,852 ETH, extending the company's ongoing accumulation period. This purchase has raised their total holdings above 4 million ETH, valued at approximately 12.1 billion USD.
These holdings are part of a total treasury worth 13.2 billion USD, which also includes 193 Bitcoin, an investment in Eightco Holdings worth 32 million USD, and cash amounting to 1 billion USD. Notably, today the blockchain data analysis platform Lookonchain reported that an additional 29,462 ETH worth 88.1 million USD were purchased from BitGo and Kraken.
Currently, the company controls 3.39% of the total Ethereum supply, moving closer to the announced goal of holding 5%.
Bitmine holds ETH exceeding the significant point of 4 million dollars. This is considered a significant achievement in just 5.5 months. We are rapidly progressing toward the goal alchemy of 5%, and we are already witnessing the collective strength arising from this large holding of ETH. Additionally, we are a key player in linking Wall Street movements into the blockchain with tokenization, and we are also heavily involved with leading groups driving new developments in the DeFi space, as stated by Tom Lee, the chairman of BitMine.
While BitMine continues to increase its own holdings, other players are choosing to sell Ethereum. BeInCrypto reports that ETHZilla sold 24,291 ETH, valued at approximately 74.5 million USD.
Nevertheless, this sale does not reflect a negative outlook on Ethereum, as this move was made to settle senior convertible bond debts.
Ethereum price trend
BitMine's purchases occur while ETH and the overall market continue to face volatility. The price of the coin has dropped below 3,000 USD again in the Asian morning, and in the past 24 hours, it has declined more than 1%.
As I write this article, the trading price is 2,993.5 USD, slightly above the average price that the company purchased at 2,991 USD per ETH.
Although prices have softened recently, BitMine's confidence remains strong. Chairman Lee has expressed confidence that the price of Ethereum may strengthen in the coming month.
This positive trend is reflected by market analysts, who cite technical signals as evidence of potential recovery opportunities. Bitcoinsensus has identified a widening descending wedge pattern on the Ethereum chart.
This is a bullish reversal pattern in technical analysis, often indicating waning selling pressure and an opportunity for a breakout to the upside.
This pattern has a high probability of breaking out with a strong upward movement. The target of the pattern is set at 7,000 USD, as stated in the post.
Another analyst, Crypto Faibik, points out a multi-month trendline for Ethereum that is almost breaking out, targeting 4,220 USD by January 2026.
However, Ethereum continues to face pressure amid the overall bearish market trend, and whether the confidence from institutions and emerging technical signals can lead to a price recovery remains to be seen.
