Blockchain analytics reveal that digital asset firm BitMine executed a significant treasury expansion during Thursday’s market downturn, accumulating 104,336 ETH tokens amid a 20% price correction from August’s peak valuations. The strategic acquisition, valued at approximately $417 million, represents one of the most substantial institutional Ethereum purchases recorded during recent market volatility. This calculated position increase elevates BitMine’s treasury holdings to represent over 2.5% of Ethereum’s total circulating supply, signaling strong institutional confidence in the asset’s long-term valuation prospects despite short-term market fluctuations. The accumulation occurred as Ethereum experienced heightened selling pressure across global exchanges, creating favorable entry points for sophisticated investors with substantial capital reserves. Market analysts interpret this substantial position increase as indicative of institutional belief in Ethereum’s fundamental network strength and future appreciation potential, particularly given the timing during a broader market retracement period. The transaction underscores growing institutional participation in digital asset markets, where major players increasingly demonstrate willingness to deploy significant capital during periods of price discovery and market uncertainty.
