Key Insights
- Bitmine Immersion added 20,532 ETH worth $63.32 million from BitGo
- BMNR stock jumps nearly 9% to $34.29, boosting the weekly rally to over 32%.
- Analyst Michael van de Poppe predicts a further uptrend in Ethereum price.
Bitmine Immersion, the largest Ethereum treasury company, acquired an additional 20,532 ETH on Friday. It caused BMNR stock to pump nearly 9%, bolstering the weekly rally to over 32%
Fundstrat’s Tom Lee-backed Ethereum treasury firm is on an ETH buying spree this week. This comes amid the return of institutional interest in spot Ethereum ETFs.
Bitmine Immersion Buys Another ETH Worth $63.32 Million Amid Accumulation Spree
Funstrat’s Tom Lee-backed Ethereum treasury firm Bitmine Immersion Technologies has added another 20,532 ETH, Lookonchain reported on November 28. The $63.32 million in ETH transfer comes from BitGo.
Earlier today, Ethereum treasury firm purchased 14,618 ETH worth $44.34M as bulls strongly holds Ethereum price above $3,000 despite selloffs by whales.
Arkham Intelligence revealed that Bitmine has accumulated $185.6 million in ETH over the past week. Bitmine Immersion holds 3.6 million Ethereum, accounting for 3% of the total Ethereum supply.
Earlier this week, Bitmine Immersion purchased 28,625 ETH worth $82.11 million. It also acquired 21,537 ETH worth $60 million from FalconX.
This indicates massive Ethereum buying by Bitmine amid bullish sentiment and inflows into spot Ethereum ETFs.
Bitmine (BMNR) Stock Skyrocketed by 9%
BMNR stock jumps nearly 9% before paring some gains today. At the time of writing, the stock was trading at $34.29.
As per Yahoo Finance, BMNR stock closed 9.79% higher at $31.74 on Wednesday. The stock has rallied by more than 32% this week, making a much-needed rebound.
Analyst Donald Dean claimed the stock can make a potential ‘v-shape’ recovery. He sets the next price target at $53.63.
Dean believed the stock made a potential local bottom last week. If it continues to move higher and starts a symmetrical rebound, BMNR stock can hit $53 by mid-December.
Bitmine Immersion has an mNAV of 1.08. Notably, the enterprise value is $12.19 billion and total crypto holdings are worth $11.3 billion.
Ethereum Bulls Hold Price Above $3,000 Amid Impasse
Ethereum price is currently trading at $3,042, up 0.5% in 24 hours and 15% over a week. The 24-hour low and high are $2,995 and $3,095, respectively.
Trading volume has bounced back slightly after dropping more than 30% in the last 24 hours. It indicated massive interest among traders after the options expiry.
Analyst Michael van de Poppe predicted Ethereum price is gearing up for the next leg upwards. Other analysts predict a rebound to $3,400 amid support from strong trading volumes.
CoinGlass data showed selling in the derivatives market in the last few hours. At the time of writing, the total ETH futures open interest jumped almost 0.20% to $36.90 billion in the past 24 hours.
However, futures OI on CME and Binance dropped more than 1.40% and 1.70% in the last hour. The standoff between bulls and bears continues.