TLDR
- Bitmine Immersion purchased 46,255 ETH worth $200.43 million, boosting its total ETH holdings to $9.27 billion.
- SharpLink Gaming transferred 379 million USDC to Galaxy Digital, indicating a potential future purchase of more ETH.
- Tom Lee predicts Ethereum will hold support at $4,300 as Wall Street moves on-chain and AI fuels the token economy.
- Ethereum’s price jumped 2% in the last 24 hours, reaching $4,411, following cooling inflation data from the US.
- Analysts expect a significant price move for Ethereum as Bollinger Bands squeeze, signaling a possible breakout.
Ethereum’s price has surged recently after the U.S. PPI data showed inflation cooling. Notably, Bitmine Immersion and SharpLink Gaming have been increasing their ETH holdings. On-chain data reveals significant ETH purchases by both companies, signaling strong market sentiment.
Ethereum Price Rises as Bitmine Buys More ETH
On September 11, Bitmine Immersion, supported by Tom Lee, bought 46,255 ETH, worth $200.43 million. With this purchase, Bitmine now holds a total of 2,126,018 ETH valued at $9.27 billion. This substantial acquisition indicates the firm’s strong confidence in Ethereum’s future price growth.
In addition to this purchase, Bitmine acquired another 10,320 ETH worth $44.57 million on Wednesday. On Monday, it had already purchased 202,469 ETH for $881 million. This brings the total ETH purchased in the past week to a remarkable amount.
Tom Lee’s predictions on Ethereum also add to the optimism. He believes ETH will hold support at $4,300. Lee suggests that as Wall Street moves on-chain and AI boosts the token economy, Ethereum could experience a supercycle. With ETH price currently sitting at $4,411, many investors are anticipating further price increases.
SharpLink Gaming’s Ethereum Holdings Expansion
SharpLink Gaming, the second-largest Ethereum treasury company, has also been increasing its ETH holdings. On September 11, the company transferred 379 million USDC to Galaxy Digital, according to on-chain data. This action suggests that SharpLink may soon use these funds to purchase more ETH.
Further analysis shows that the funds were deposited into Binance. While it’s unclear whether SharpLink will use the proceeds to buy ETH, similar transactions in the past preceded ETH purchases. The company currently holds a massive $3.6 billion in Ethereum.
Additionally, SharpLink Gaming repurchased 939,000 SBET shares under a $1.5 billion share repurchase program. Despite the stock closing 3.59% lower at $16.09 on Wednesday, this indicates the firm’s strong financial position. As Ethereum continues to rally, SharpLink’s increasing treasury may help the company gain more exposure to ETH price movements.
ETH Price Surges Amid Cooling Inflation
The ETH price has increased by 2% in the past 24 hours, trading at $4,411. The recent rise comes after the U.S. PPI data showed inflation had dropped to 2.6%, below expectations. This news has led to a surge in institutional interest, with firms like Bitmine expanding their ETH holdings.
As the ETH price continues to rise, the market has seen a 36% increase in trading volume. Analysts predict a big move for Ethereum as Bollinger Bands begin to squeeze. The rising on-balance volume signals a potential long opportunity for ETH traders.
