BitMine Buys 18,271 ETH As Price Reclaims $3,600

Treasury-focused firm BitMine acquired 18,271 Ethereum (ETH) on November 10, according to onchain data from Whale Insider. The purchase, valued at approximately $64.59 million, coincides with a broader market rally and a rebound in Ethereum’s price.

The transfer involved moving funds from the cryptocurrency exchange Kraken to a wallet frequently linked to BitMine’s recent ETH acquisitions. The acquisition occurred in two separate transactions.

Ethereum’s price has risen above $3,600 following the purchase, signaling renewed strength after recent market volatility. Large, repeated corporate buys have been observed within the Ethereum ecosystem as the asset returns to a bullish trajectory.

BitMine remains the world’s largest ETH treasury and continues its accumulation strategy. Previously, the firm has acquired ETH even during market corrections.

Chairman Tom Lee has publicly encouraged buying Ethereum at discounted prices during recent dips, viewing them as opportunities.

The market rally has resulted in a 42.64% increase in Ethereum’s trading volume over the past day. As of November 10, Ethereum is trading at $3,542, with an intraday high of $3,656.

Following a recent correction, where the price approached $3,000, Ethereum has successfully reclaimed the $3,600 level.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.