Ethereum News Today: Ethereum Whale Awakens: Strategic Reserve and Upgrades Spark $1.19B Surge

An ancient Ethereum whale linked to BitMine has triggered a $1.19 billion market stir after a decade of dormancy, with the firm's recent purchases of 28,625 ETH ($82 million) and 21,537 ETH ($59 million) through FalconX hot wallets. The moves, tracked by on-chain analytics platforms like LookonChain and Arkham Intelligence, have bolstered Ethereum's 24-hour trading volume by 35% to $24 billion, signaling renewed institutional confidence in the asset. BitMine's holdings now exceed 3.5 million ETH—nearly 3% of the circulating supply—positioning it as one of the largest corporate Ethereum holders.

The purchases align with BitMine's broader strategy to expand its "Strategic ETH Reserve" amid a volatile market. CEO Tom Lee attributed the recent downturn to broader liquidity shocks, comparing it to the 2022 post-FTX deleveraging, and expressed optimism about a "V-shaped recovery" once market stability returns. The firm also announced plans for a "Made in America Validator Network" (MAVAN) in early 2026, aiming to stake its ETH holdings for recurring revenue. Analysts like Michaël van de Poppe highlighted the critical ETH/BTC support zone, noting that Ethereum's ability to hold this level could determine its outperformance against Bitcoin.

Meanwhile, the Ethereum network is preparing for the Fusako upgrade on December 3, which includes execution layer improvements and staking return adjustments. Bitwise's Matt Hougan called the upgrade an "under-appreciated" catalyst, citing historical price gains of 10–50% post-upgrades. The market's reaction to BitMine's accumulation contrasts with BlackRock's recent ETH and BTC outflows to Coinbase Prime, underscoring divergent institutional strategies.