Ethereum

BitMine Bags $400M ETH as Ethereum Trends on Socials

6 hours ago
Bitcoin Ethereum News

Key Notes

  • BitMine Immersion Technologies bought over $417 million in ETH amid the market dip.
  • Ethereum dominates social media as major developments fuel optimism.
  • Institutional accumulation drives the ETH supply squeeze, with many analysts turning bullish.

Ethereum

ETH
$4 028



24h volatility:
3.3%


Market cap:
$485.72 B



Vol. 24h:
$39.58 B

continues to dominate headlines amid massive accumulation led by Tom Lee-chaired BitMine Immersion Technologies. The company reportedly bought the dip once again on Oct. 16, acquiring an additional 104,336 ETH, valued at roughly $417 million.

BitMine now controls the largest single corporate holding of Ethereum, around 3.04 million ETH. Sharplink Gaming follows with 840,120 ETH, while The Ether Machine owns 496,710 ETH, according to data from StrategicETHReserve.

This demand comes despite the ongoing volatile phase for the ETH price in October. According to Bitwise, nearly all of the Ether accumulated by public companies this year occurred between July and September.

As of Sept. 30, public companies collectively hold around 4.63 million ETH, worth $19.13 billion, equivalent to roughly 4% of the total Ether supply. The majority of that buying spree happened in Q3, signaling a surge in confidence from institutional investors.

Analysts note that the concentration of Ethereum buying during Q3 raises questions about what’s next for the cryptocurrency as it enters the fourth quarter.

Ether, which traded above $4,300 before last week’s market-wide sell-off, has since slipped to around $4,000 level at the time of writing. It has wiped out $60 billion in its market capitalization in the past month, according to CoinMarketCap.

Market analysts view the institutional accumulation as a bullish sign, making it one of the best crypto to buy right now.

With 40% of the entire ETH supply now effectively locked away, experts believe a potential supply squeeze could lead to a sharp rebound in the coming months.

Ethereum’s Rising Social Buzz

Meanwhile, Ethereum is seeing a surge in social media activity. Data from Santiment shows that Ethereum-related discussions have recently skyrocketed on social media platforms, driven by several key developments.

This includes large Ethereum Foundation deposits into DeFi vaults, strong ETF inflows, and renewed institutional interest. Additionally, the recently misexecuted $300 trillion PYUSD minting on Ethereum caught massive attention on X.

Beyond finance, Ethereum’s role is expanding globally. The blockchain is being integrated into Bhutan’s national ID system. Developers also continue to favor Ethereum as the top ecosystem for innovation in 2025.

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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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Parth Dubey

A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.

Parth Dubey on LinkedIn


Source: https://www.coinspeaker.com/bitmine-bags-400m-eth-as-ethereum-trends-on-socials/