In recent days, Ethereum has witnessed a noteworthy surge in its price, largely attributed to new economic data indicating cooling inflation in the United States. Notably, two major companies have made significant acquisitions of ETH, reflecting robust market confidence and anticipation of future price increases.
On September 11, Bitmine Immersion made headlines by purchasing 46,255 ETH valued at approximately $200.43 million. This acquisition significantly boosted Bitmine’s total ETH holdings to an impressive 2,126,018, worth around $9.27 billion. This commitment underscores the firm’s strong belief in Ethereum’s upward trajectory. Following this initial purchase, Bitmine further added to its acquisitions with an additional 10,320 ETH worth $44.57 million on Wednesday. Earlier in the week, the company had already secured 202,469 ETH for $881 million, bringing the total ETH bought over the past week to a staggering figure.
Supporting this bullish sentiment, financial analyst Tom Lee has expressed optimism about Ethereum’s future. Lee predicts that Ethereum will find firm support at the $4,300 mark, projecting a potential “supercycle” for ETH as Wall Street increasingly embraces on-chain technology and as artificial intelligence enhances the token economy. Currently, ETH is trading at $4,411, prompting many investors to speculate on further price movements.
In a parallel development, SharpLink Gaming, recognized as the second-largest Ethereum treasury firm, has also been augmenting its ETH reserves. On the same day as Bitmine’s significant purchase, SharpLink transferred a substantial amount—specifically, 379 million USDC—to Galaxy Digital. This move is interpreted as a potential precursor to further ETH purchases. Furthermore, on-chain analysis indicates that these funds were deposited into Binance, creating speculation around SharpLink’s plans to deepen its ETH holdings. The company’s treasury, already valued at around $3.6 billion in Ethereum, may soon expand further.
In addition to its cryptocurrency endeavors, SharpLink has been actively participating in the stock market by repurchasing 939,000 SBET shares as part of a $1.5 billion stock repurchase program. Although the stock closed down 3.59% on Wednesday, this move suggests a solid financial foundation from which the company can operate in both the crypto and stock spaces.
The broader market reaction to these developments has been significant, with Ethereum prices climbing 2% over the past 24 hours, following the release of U.S. Producer Price Index (PPI) data showing that inflation has decreased to 2.6%, below market expectations. This news has ignited increased institutional interest, which is reflected in a notable 36% rise in trading volume for ETH. Analysts are keeping a close watch on the market dynamics, as technical indicators like the squeezing of Bollinger Bands suggest a possible breakout could be on the horizon for Ethereum.
As these major players continue to bolster their positions, the landscape for Ethereum appears increasingly bullish, leaving many in the industry eager for the next chapter in this evolving saga.
