BitMine expands Ethereum holdings with major purchase

Ethereum's price is currently facing significant downward pressure, with bearish candles indicating a potential for further correction towards key lower support levels. This trend follows a recent decline below the $2,700 mark, raising concerns about the cryptocurrency's stability and market position.

BitMine has significantly increased its Ethereum holdings by adding nearly 70,000 Ether last week, bringing its total to over 3% of the entire ETH supply. This acquisition, valued at approximately $60 million, comes during a period of market recovery despite the company facing substantial unrealized losses of around $4 billion.

BitMine has acquired an additional 21,537 Ethereum tokens for approximately $60 million, increasing its holdings to over 3% of the total Ethereum supply despite facing around $4 billion in unrealized losses. This purchase comes amid a recovering market for Ethereum, which had previously seen a significant decline of over 25% in value within a month.

This week, Ethereum's landscape was shaken as Vitalik Buterin's RISC-V proposal faced rejection from Arbitrum developers, while Tom Lee reported a significant $3.5 million loss on his investments. Additionally, a mysterious buyer made headlines with a $1 billion bid, creating a tumultuous environment for traders.

Bitwise Chief Investment Officer Matt Hougan has indicated that the rising value capture of crypto tokens, particularly with Ethereum's upcoming Fusako upgrade, may contribute to a market rebound in 2026. This upgrade is expected to enhance the economic value proposition for Ethereum holders, potentially increasing returns significantly.

Aerodrome, the largest decentralized exchange (DEX) on the Ethereum Layer 2 network Base, reported a suspected front-end compromise on November 22, prompting an investigation into the attack and advising users to avoid their centralized domains.

Bitwise Chief Investment Officer Matt Hougan has highlighted that Ethereum may lead the next cryptocurrency rally, driven by the upcoming Fusaka upgrade on December 3, which could significantly enhance Ethereum's revenue capture by 5 to 10 times. This upgrade is seen as a critical catalyst that investors are currently overlooking.

Ethereum's price has stalled at $2,818 as derivatives traders prepare for the upcoming week, indicating a period of consolidation amid market volatility. This price point reflects ongoing uncertainty in the cryptocurrency market, particularly following recent fluctuations and downward pressures on Ethereum's value.