Ethereum News Today: BitMine's Ethereum Grab Mimics MicroStrategy's Bitcoin Play, Eyes $3,600 Rally

Ethereum remains constrained within a $2,600–$3,000 range as analysts closely monitor the $2,800 support level for signs of sustained recovery. Despite a drop below $3,000 on Nov. 22, Ether (ETH) has since rebounded 11%, reclaiming key support zones. Market observers point to institutional demand and the impending end of the Federal Reserve's quantitative tightening (QT) as potential catalysts for a rebound toward $3,600. The cryptocurrency's Apparent Demand metric, which measures the difference between daily issuance and inactive supply, hit a 26-month high on Nov. 26, signaling aggressive accumulation during price dips. This surge in demand mirrors a similar pattern in September 2023, which preceded a 165% rally to $4,100 by March 2024. Concurrently, spot Ethereum ETF flows have turned positive for three consecutive days, injecting $230.9 million into the market after a $1.28 billion outflow from Nov. 11–20.

The renewed institutional interest is underscored by BitMine Immersion Technologies (BMNR), which disclosed holding 3.63 million ETH - 3% of the total Ethereum supply - valued at $11.2 billion in assets. The company's Ethereum treasury, the largest in the world, includes 192 Bitcoin and a $38 million stake in Eightco Holdings, alongside $800 million in unencumbered cash. BitMine's aggressive accumulation strategy, which began in July 2025, aims to reach 5% of Ethereum's total issuance. At current rates, the firm has achieved 3% of the supply, with weekly purchases averaging over 70,000 ETH in recent weeks. However, analysts have questioned BitMine's reported average purchase price of $2,840 per ETH, noting discrepancies in the math given current ETH prices above $2,900.

BitMine's financials further highlight its unique position in the crypto market. With a market capitalization of $7.4 billion and a current ratio of 51.5, the company holds more cash than debt. Its stock has also seen significant trading volume, averaging $1.6 billion daily over five days in late November. Chairman Thomas Lee emphasized the strategic importance of Ethereum treasuries, comparing BitMine's approach to MicroStrategy's Bitcoin dominance. While Ethereum's price remains range-bound, BitMine's accumulation efforts and ETF inflows suggest growing confidence in the asset's long-term value.

The interplay between Ethereum's technical indicators and institutional buying patterns could determine the next phase of its price trajectory. If the $2,800 support holds and QT ends as scheduled in December, liquidity injections may propel ETH toward $3,600. Meanwhile, BitMine's continued Ethereum purchases and staking infrastructure plans, including the MAVAN network, position it as a key player in shaping Ethereum's institutional adoption.