Ethereum Worth Up as BitMine Buys $29M ETH From Galaxy Digital

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The Ethereum value climbed 0.65% within the final 24 hours to commerce at $3,865.10 as of 11 p.m. EST on a 52% drop in buying and selling quantity to $16.52 billion.

ETH bought a lift from one other purchase by Tom Lee’s BitMine, which snapped up 7,660 ETH value $29 million from Galaxy Digital on Oct. 31 by way of its OTC desk. Such giant non-public offers are normally executed to keep away from impacting the value.

🔥 NOW: Tom Lee’s Bitmine purchased 7,660 $ETH from Galaxy Digital. pic.twitter.com/Jtcvhbn7bg
— Cointelegraph (@Cointelegraph) November 1, 2025

BitMine’s aim is evident: accumulate as much as 5% of the Ethereum provide as a part of its “Alchemy of 5%” plan. It now holds 3.3 million ETH, or 2.745% of its provide, value $12.8 billion, based on CoinGecko.

Whereas establishments are busy accumulating, retail merchants appear extra cautious. Knowledge from Kalshi reveals the chances of ETH hitting $5,000 earlier than the 12 months finish have dropped sharply to simply 34%.

Even so, many analysts stay constructive about Ethereum’s medium-term prospects, given its sturdy fundamentals and rising curiosity from skilled patrons.

A surge in institutional purchases means much less ETH is obtainable on the market on crypto exchanges. As tokens transfer to wallets held by long-term buyers, short-term promoting strain drops.

If the pattern continues, provide might tighten even additional, supporting greater costs. Such strikes by BitMine and different giant corporations usually result in rallies that appeal to smaller buyers again into the market.

Ethereum Worth: On-Chain Alerts Present Accumulation

Blockchain knowledge confirms BitMine acquired ETH from its newest purchase in two batches from Galaxy Digital wallets. Analytics platforms like Arkham and Whale Alert have tracked each the motion and vacation spot of this ETH, verifying the timing and measurement of the transaction. These transfers add to an extended checklist of institutional buys which have develop into extra widespread for Ethereum throughout 2025.

On-chain sentiment is shifting. Lengthy-term holders are shifting cash off exchanges into safe wallets. Addresses holding greater than 1,000 ETH have been rising steadily this quarter. Ethereum staking can be selecting up, with extra tokens locked in validator contracts, signaling a powerful perception within the community’s future.

ETH Energetic Addresses Supply: Glassnode

Market watchers say this mixture of much less alternate provide, growing pockets accumulation, and swelling staking balances creates fertile floor for the ETH value to climb. Individuals are exhibiting they need to maintain for the long run, lowering the dangers of sudden sell-offs.

Technical merchants level out that when establishments prepared the ground, retail patrons usually observe.

ETH Worth Technical Evaluation and Forecast

ETH/USD technical evaluation reveals the ETH value is buying and selling slightly below the 50-day easy shifting common at $4,164, whereas nonetheless nicely above the 200-day common at $3,352, based on the newest TradingView chart. The important thing assist now sits between $3,350 and $3,800. That is an space merchants look ahead to recent bounces if the value dips.

Proper now, the market faces sturdy resistance close to $4,164, the place the 50-day SMA gathers sellers. If the ETH value manages to interrupt above this space, the following goal is the $4,955 excessive marked earlier within the 12 months.

The chart reveals the potential for the ETH value to maneuver greater within the coming weeks if patrons keep lively and break resistance. If not, the coin may fall again to check the $3,352-$3,350 assist area.

Ethereum price

ETHUSD Evaluation Supply: Tradingview

Technical indicators are combined however level to a market poised for a transfer. The Relative Power Index (RSI) indicators impartial momentum at 43.90. MACD is barely bullish at 1.87, with histogram bars beginning to tick up.

The ADX indicator reads simply 17.95, exhibiting that the ETH value is consolidating, however any sturdy push might spark a breakout or breakdown.

The ETH value might see a swing greater in November, with new forecasts putting common targets round $4,240 and peaks as much as $4,632 if the rally continues. If the value breaks above $4,164, Ethereum might rapidly transfer to check the $4,595 and $4,955 resistance zones.

If sellers drive a drop, the $3,350–$3,870 space will doubtless appeal to new patrons on the lookout for discounted entries.

With BitMine and different massive gamers accumulating ETH, upside targets might attain $4,600 or greater this month if institutional shopping for retains up and retail sentiment follows. Nevertheless, merchants ought to watch if the ETH value can break above $4,164 for extra positive aspects, or if decrease assist holds agency in case of a dip.

In both case, rising institutional demand helps maintain Ethereum’s outlook vivid for each short-term rallies and long-term progress.