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

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

🔥 NOW: Tom Lee’s Bitmine purchased 7,660 $ETH from Galaxy Digital. pic.twitter.com/Jtcvhbn7bg

— Cointelegraph (@Cointelegraph) November 1, 2025

BitMine’s purpose is obvious: 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, price $12.8 billion, in response to CoinGecko.

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

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

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

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

Ethereum Value: On-Chain Alerts Present Accumulation

Blockchain information 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 record of institutional buys which have turn into extra frequent for Ethereum throughout 2025.​

On-chain sentiment is shifting. Lengthy-term holders are transferring cash off exchanges into safe wallets. Addresses holding greater than 1,000 ETH have been rising steadily this quarter. Ethereum staking can be choosing 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 worth to climb. Individuals are exhibiting they wish 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 comply with.​

ETH Value Technical Evaluation and Forecast

ETH/USD technical evaluation reveals the ETH worth is buying and selling just under the 50-day easy transferring common at $4,164, whereas nonetheless properly above the 200-day common at $3,352, in response to the most recent TradingView chart. The important thing help now sits between $3,350 and $3,800. That is an space merchants look ahead to recent bounces if the worth dips.​

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

The chart reveals the potential for the ETH worth to maneuver increased within the coming weeks if patrons keep energetic and break resistance. If not, the coin would possibly fall again to check the $3,352-$3,350 help area.​

ETHUSD Evaluation Supply: Tradingview

Technical indicators are combined however level to a market poised for a transfer. The Relative Energy 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 worth is consolidating, however any robust push might spark a breakout or breakdown.​​

The ETH worth might see a swing increased in November, with new forecasts putting common targets round $4,240 and peaks as much as $4,632 if the rally continues. If the worth 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 probably appeal to new patrons searching for discounted entries.​​

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

In both case, rising institutional demand helps preserve Ethereum’s outlook shiny for each short-term rallies and long-term development.

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