Bitmine Immersion Bets Bigger on ETH As Price Reclaims $2.9K — Breakout to $3.2K Next?

Bitmine Immersion acquired 69,822 ETH worth $197.25 million last week, pushing its total holdings to 3.6 million ETH valued at $10.25 billion. The purchase coincides with Ethereum reclaiming the $2,900 level, trading at $2,966 with a 5.07% gain in 24 hours.

“BitMine has now acquired 3% of the Ethereum network. In the past week, BitMine acquired 69,822 ETH tokens. The Made in America Validator Network (MAVAN) will be the ‘best-in-class’ solution offering secure staking infrastructure and will be deployed in early calendar 2026,” said Thomas “Tom” Lee of Fundstrat, Chairman of BitMine.

A fresh wallet received $80.8 million in ETH from FalconX, matching known Bitmine purchase patterns. The accumulation continues despite Bitmine facing a $4 billion unrealized loss on its Ethereum exposure.

TOM LEE IS STILL BUYING $80M $ETH

A fresh wallet just received $80.8M of ETH from FalconX. This withdrawal pattern matches known Bitmine purchase patterns.

Tom Lee is buying the dip. pic.twitter.com/ri5TS00c7F

— Arkham (@arkham) November 24, 2025

The accumulation continues despite Bitmine facing a $4 billion unrealized loss on its Ethereum exposure.

Ethereum ETF Inflows Hit $99.88 Million as Institutional Demand Returns

Fidelity led Ethereum ETF inflows with 34,922 ETH worth $99.88 million. Total ETF netflow reached 2,123 ETH, representing $6.07 million in fresh institutional capital, according to Lookonchain data.

BlackRock deposited 36,283 ETH valued at $101.72 million to Coinbase Prime. The asset manager also moved 2,822 BTC worth $243.59 million to the same platform.

CME Group reported record-breaking crypto futures and options activity on November 21, with 794,903 contracts traded. Year-to-date, Ethereum products, among others, contributed to a massive $12 billion in daily notional volume, underscoring strong institutional hedging demand. Average open interest has also risen sharply to 299,700 contracts ($26.6 billion in notional), up 82% from the previous year.

The broader crypto market added $64 billion, gaining 2.16% as traders bought discounted assets during extreme fear conditions.

Ethereum Fusaka Upgrade and BitMine’s Treasury Dominance

An announcement from Christine Kim, a researcher monitoring Ethereum’s development progress, stated that Ethereum’s Fusaka upgrade will launch by December 3, introducing PeerDAS technology. The update will double blob capacity for Layer 2 solutions and reduce transaction fees by approximately 95%.

This comes as BitMine, holder of the world’s largest Ethereum treasury, remains the second-largest crypto treasury globally, behind Strategy Inc., which holds 649,870 BTC valued at $57 billion.

Market conditions reflect a mixed sentiment. Bitcoin rose 1.5% to $88,600, while Ethereum gained 5%. Despite this upward movement, the fear and greed index sits at 12, signaling extreme fear, an environment that has historically preceded short-term rallies.

Even so, Ethereum’s 30-day performance still shows a 24.69% decline, and traders note that the recent rebound lacks strong conviction despite recovering from oversold levels.

Adding to the volatility, an unnamed large investor opened significant long positions on Ethereum, reportedly securing quick profits.

THE $10B HYPERUNIT WHALE JUST LONGED $40M $ETH

The OG Whale who made $200M shorting the market before the 10/10 crash just moved $10M to Hyperliquid and LONGED $ETH.

He is currently long $44.5M of ETH and is up over $300K in less than an hour. pic.twitter.com/vwiVXlrELS

— Arkham (@arkham) November 24, 2025

Another trader pointed out that ETH’s weekly BISI remains intact, suggesting a possible retrace toward $3,300 before the next major directional move. However, caution persists.

Ted Pillows warned that failing to reclaim the $2,850–$2,900 range could push Ethereum toward $2,500. ETH attempted to break above this resistance zone but was rejected, keeping market participants watchful.

Ethereum Tests $2,961 Amid Oversold Indicators and Volume Surge

Ethereum trades at $2,961, testing crucial hourly resistance levels. The chart shows a sustained downtrend from July’s $4,500 peak, with price action suggesting potential bottoming formation.

The RSI indicator sits at 37.85, approaching oversold territory below 40. The reading shows possible bullish divergence as price makes new lows without RSI breaking significantly lower.

MACD remains in deep negative territory at -11.22, with the signal line at -246.51. The extreme bearish readings suggest potential exhaustion of selling pressure, though no crossover signal has emerged.

Volume spiked to 44.27K ETH on the recent 5.66% bounce. The increase coincides with upward price movement, potentially indicating accumulation or short covering activity.

Key support holds at $2,500, representing a major psychological level. Immediate resistance appears at $3,200, with further barriers at $3,500 and $4,000.

A successful breakout above $3,200 with volume confirmation targets the $3,000-$3,200 range. Breaking below $2,500 support could trigger decline toward $2,000.

The compressed volatility and recent volume increase warrant attention. Sustained price action above key resistance levels remains necessary before confirming trend reversal from the five-month downtrend.