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

The Ethereum value 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 received 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 personal 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 aim is evident: 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, based on CoinGecko.

Whereas establishments are busy accumulating, retail merchants appear extra cautious. Information from Kalshi reveals the percentages of ETH hitting $5,000 earlier than the yr finish have dropped sharply to simply 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 buyers, short-term promoting stress drops.

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

Ethereum Worth: On-Chain Indicators Present Accumulation

Blockchain knowledge confirms BitMine obtained 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 robust perception within the community’s future.​

ETH Energetic Addresses Supply: Glassnode

Market watchers say this mix of much less trade provide, rising pockets accumulation, and swelling staking balances creates fertile floor for the ETH value to climb. Individuals are displaying they need to maintain for the long run, decreasing the dangers of sudden sell-offs. 

Technical merchants level out that when establishments prepared the ground, retail patrons typically comply with.​

ETH Worth Technical Evaluation and Forecast

ETH/USD technical evaluation reveals the ETH value 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, based on the most recent TradingView chart. The important thing assist now sits between $3,350 and $3,800. That is an space merchants look ahead to contemporary 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 value manages to interrupt above this space, the subsequent goal is the $4,955 excessive marked earlier within the yr. 

The chart reveals the potential for the ETH value 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 assist area.​

ETHUSD Evaluation Supply: Tradingview

Technical indicators are blended however level to a market poised for a transfer. The Relative Power Index (RSI) alerts 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, displaying that the ETH value is consolidating, however any robust push might spark a breakout or breakdown.​​

The ETH value might see a swing increased in November, with new forecasts inserting 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 shortly 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 on the lookout for discounted entries.​​

With BitMine and different large 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 value can break above $4,164 for extra beneficial properties, or if decrease assist holds agency in case of a dip. 

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

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