Ethereum News Today: BitMine's $113M ETH Grab Sparks Market Shift as It Chases 5% Control

Ethereum's price volatility continued this week as on-chain activity highlighted shifting dynamics in the crypto market. BitMine Immersion, a major player in the digital asset space, acquired nearly $113 million worth of Ethereum (ETH) from custodian BitGo, signaling renewed aggressive accumulation. The transaction, involving 27,316 ETH from wallet address "0xDc8...3a07f," aligns with the company's strategy to expand its holdings. BitMine now holds approximately 3.3 million ETH-valued at over $13 billion at current prices-and aims to eventually control 5% of Ethereum's total supply, according to a Happycoin report.

Ethereum's price action over the past week has been mixed. On October 27, the token rose 1.67% to $4,132.56, its highest 5 p.m. level since October 13, driven by a five-day winning streak, according to Morningstar data. However, the momentum reversed sharply in the following days. By October 29, Ethereum had lost 0.88% to $3,949.15, marking its largest percentage drop since October 28, per Morningstar data. The decline accelerated on October 30, with the token falling 4.86% to $3,757.13-the lowest 5 p.m. level since October 11, according to Morningstar data. Over the three-day period, Ethereum lost 9.08%, its worst three-day stretch since October 16.

The recent price swings coincide with notable on-chain activity. The Block reported that an early Ethereum investor, who participated in the 2014 initial coin offering (ICO), moved 1,500 ETH ($6 million) to Kraken after nearly eight years of inactivity. The wallet, "0x60D...E932," last transacted in January 2018 and held 20,000 ETH from the ICO, acquired for $6,200 in 2015. This movement follows similar activity from Ethereum ICO participants earlier this year, including a $19 million ETH transfer in August.

BitMine's accumulation strategy positions it as the largest public holder of Ethereum, surpassing most institutional investors. While the company trails only Strategy, which holds over 640,000 bitcoins ($74 billion), BitMine's 3.3 million ETH represents 2.8% of Ethereum's total supply. The firm has also diversified its portfolio, investing $88 million in Eightco Holdings as part of its "moon projects" initiative, as the Happycoin report noted.

Ethereum's year-to-date performance remains mixed. Despite a 23.55% gain in the past five months, the token is down 16.60% from its all-time high of $4,955.23 in August, as Morningstar noted. The recent pullback has raised questions about whether the market is consolidating or entering a correction phase. Analysts note that BitMine's continued buying could provide downside support, though broader macroeconomic factors, such as U.S. interest rates, remain critical for the asset's trajectory.