BitMine's $1.1B Ethereum Haul and ETF Volatility Fuel ETHUSD's Bullish Charge

With its purchase last week of 264,378 ETH for $1.1 billion, BitMine Immersion Technologies cemented its preeminence in corporate crypto treasuries, increasing its total holdings to 2.416. Purchased at an average of $4,497 per token, a 7.25% premium to a million ETH worth over $10.1 billion and accounting for more than 2% of Ethereum's supply. present prices reflecting a constant long-term belief. Sold 5.217 million shares to an institutional buyer, funded by a $365 million stock offering at a 14% premium ($70 per share), the action Chairman Tom Lee hailed as "materially accretive" to stockholders, ahead the company's "Alchemy of 5%" strategy to acquire 5% of the supply of ETH amid Ethereum's critical Web3 role. With total assets at $11.4 billion—including 192 BTC valued at $21.6 million, $345 million in cash, and a $175 million stake in Eightco—BitMine comes in just behind MicroStrategy. Though its price fell 10% to $55.30 on dilution concerns despite a 700% six-month increase.

Beginning strong with $557 million in net inflows from September 15–19, Ethereum ETFs reflected this institutional volatility with a turbulent five-day stretch headed by BlackRock's ETHA. before turning into $217 million outflows over September 22–23, topped by an amazing $141 million single-day exit on the 23rd, fueled by $33.1 million from Fidelity, $22.3 million from Bitwise, and even from BlackRock at $15.1 million. Amid $363 million Bitcoin ETF outflows and $354 million in crypto liquidations, this pullback is consistent with profit-taking and deleveraging following Fed rate cuts and ahead of. Although strong trading volumes of $2.06 billion emphasize continuing interest rather than outright bearishness, data on inflation reveal short-term uncertainty against Ethereum's general adoption path.

ETHUSD declined slightly following the footsteps of Bitcoin. It hit a low of $4058 and is currently trading around $4184. Overall trend remains bullish as long as support $3500 remains intact. Watch out for $4375, any break above targets $4500/$4770/$5000/$5428/$6000. 

Immediate support is around $4000. Any violation below will drag the price down to $3700/$3550/$3500/$3380/$3200/$3000. A breach below $3000 could see Ethereum plummet to $2770/$2500.

It is good to buy on dips around $4000 with SL around $3500 for a TP of $5000/$6000.