Ether at $4,001.16 stayed near $4,023 following multiple attempts to maintain the $4,000 mark. On Oct. 28, Arkham reported that BitMine withdrew approximately $113 million of ETH from Bitgo and was “taking advantage of the lower prices.” On October 27, Bitmine Immersion Technologies announced in a press release that its total assets in crypto, cash, and “moonshots” reached $14.2 billion. This figure comprises 3,313,069 ETH, $305 million in liquid cash, along with smaller holdings of 192 BTC and an $88 million investment in Eightco. The company has established itself as the largest ether treasury, highlighting its trading liquidity with an impressive $1.5 billion in five-day average daily dollar volume, asserting that this ranks it around No. 46 in the U.S. A significant collection of influential supporters was also emphasized, along with a restatement of the goal to reach the “alchemy of 5%” of the ether supply.
Chairman Thomas “Tom” Lee linked the recent activity to broader market conditions, highlighting that the reduction of U.S.–China tensions might enhance risk appetite. He observed that open interest in ether derivatives had returned to levels seen in the middle of the year and characterized the situation as attractive in terms of risk and reward. BitMine has reported a successful increase in its cash reserves to $305 million and has obtained 77,055 ETH over the last week. This acquisition increases its total holdings to 3.31 million ETH, accounting for about 2.8% of the overall supply.
Technical analysis data model indicates that ether experienced a modest increase, with buyers consistently attracted to the dips nearing the significant support level. The tone improved as the selling pressure eased, enabling the price to bounce back above support levels. Observations for traders on support and resistance tests noted that, with no new catalysts in sight, market activity centered on the crucial question of whether the $4,000 support level would hold and how quickly prices might approach the nearby resistance levels.
Investment flows showed a varied picture: ETH investment products faced their initial weekly outflow in five weeks, totaling $169 million. In contrast, 2x leveraged ETH ETPs continued to draw considerable attention — reflecting portfolio adjustments in response to ongoing demand for increased exposure.