Ethereum News Today: BitMine's Aggressive ETH Accumulation Defies Market Trend as Fusaka Looms

Ethereum (ETH) has drawn renewed attention from valuation models and institutional investors, with 10 of 12 frameworks indicating the token is undervalued. Metcalfe's Law, which correlates network value with user base, forecasts a potential price of nearly $10,000, driven by Ethereum's upcoming Fusaka upgrade and broader macroeconomic shifts. Recent market dynamics underscore this optimism, as the price surged over 5% to $2,922 on November 24, 2025, rebounding from a critical support level after a volatile week marked by $589 million in net outflows from investment products.

The Fusaka upgrade, scheduled for December 3, is a pivotal catalyst. This network improvement combines the Fulu and Osaka upgrades to enhance scalability, security, and usability, including introducing PeerDAS technology for more efficient data verification. Institutional investors like BitMine, the largest Ethereum treasury firm, are accelerating accumulation ahead of the upgrade. The firm disclosed acquiring 96,798 ETH in the prior week, boosting its holdings to 3.73 million tokens-worth $10.5 billion-representing 3.7% of the circulating supply. This aggressive buying strategy contrasts with a broader trend of crypto treasuries trimming positions amid falling prices. BitMine's CEO, Thomas "Tom" Lee, cited the Fusaka upgrade and anticipated Federal Reserve policy shifts as key motivators for the 39% weekly increase in ETH purchases.

Macro factors further bolster the case for Ethereum. The Fed is expected to end quantitative tightening and cut interest rates on December 10, potentially easing capital inflows into risk assets. Meanwhile, Ethereum's market fundamentals remain robust. The network's block gas limit will expand to 60 million units post-upgrade, reducing transaction costs and enhancing throughput for decentralized applications. This aligns with valuation models that emphasize Ethereum's growing utility and adoption, particularly in Layer 2 ecosystems.

However, market volatility persists. A global sell-off on December 1 saw Bitcoin (BTC) dip below $86,000, triggering $300 million in crypto liquidations and a 5.85% drop in ETH to $2,814. Despite this, BitMine's stock fell 7.7% pre-market, reflecting its leveraged exposure to Ethereum's price swings. The firm holds $882 million in cash and a $36 million stake in Eightco Holdings, yet its concentrated ETH position remains a double-edged sword.

Analysts highlight the divergence in strategies among crypto treasuries. While most have paused acquisitions to narrow stock-price discounts to net asset value, BitMine's bullish stance underscores confidence in Ethereum's long-term trajectory. The company is also developing the Made in America Validator Network, a staking infrastructure project slated for 2026 that could transform it into a yield-generating platform.

The valuation models' consensus-10 of 12 signaling undervaluation-resonates with Ethereum's technical roadmap. Metcalfe's Law, which posits network value scales with the square of its users, suggests a $10,000 price target as adoption accelerates. This forecast hinges on successful execution of the Fusaka upgrade and sustained macroeconomic tailwinds, including the Fed's policy pivot. For now, the market remains in flux, balancing institutional optimism with lingering volatility.