{"id":38941,"date":"2026-03-24T06:00:53","date_gmt":"2026-03-24T06:00:53","guid":{"rendered":"https:\/\/cryptomag.finance\/?p=38941"},"modified":"2026-03-24T06:00:53","modified_gmt":"2026-03-24T06:00:53","slug":"ethereum-tops-2100-as-bitmine-ramps-up-eth-bet-with-137m-purchase","status":"publish","type":"post","link":"https:\/\/cryptomag.finance\/?p=38941","title":{"rendered":"Ethereum Tops $2,100 As BitMine Ramps Up ETH Bet With $137M Purchase"},"content":{"rendered":"

Bitmine has increased its bet on Ethereum (ETH) with a $137 million purchase, as the King of Altcoins reclaims the crucial $2,150 level, and some market observers call for the end of the crypto market correction.<\/p>\n

Bitmine Adds 65,000 ETH Amid End Of Crypto Winter Calls<\/h2>\n

On Monday, the largest Ethereum treasury in the world, Bitmine, announced<\/a> it continued to ramp up its bet on the King of Altcoins by purchasing roughly $137 million in ETH last week.<\/p>\n

In its weekly update, the company reported it acquired 65,341 ETH over the past week, maintaining its \u201cincreased pace of ETH buys in each of the past three weeks.\u201d This represents a significant increase in the average 45,000-50,000 ETH acquisitions from prior weeks.<\/p>\n

Notably, Bitmine\u2019s latest purchase has pushed the company\u2019s total crypto and cash holdings to $11 billion at current prices. As of March 22, the second-largest crypto treasury firm holds 4,660,903 ETH, 196 Bitcoin (BTC), a $200 million stake in Beast Industries, a $95 million stake in Eightco Holdings as part of its \u201cMoonshots\u201d initiative, and unencumbered cash worth $1.1 billion.<\/p>\n

In addition, it holds 3.86% of ETH\u2019s total supply, and nears its goal to control 5% of the leading altcoin\u2019s 120.7 million supply. Meanwhile, the firm\u2019s total staked<\/a> ETH stands at 3,142,643, worth $6.5 billion at $2,072 per ETH.<\/p>\n

Bitmine\u2019s chairman, Tom Lee, highlighted that the company maintained its increasing purchasing pace due to its base case that \u201cETH is in the final stages of the \u2018mini-crypto winter.\u2019\u201d<\/p>\n

As he noted, \u201ccrypto and particularly ETH have outperformed the broader market since the Iran war commenced, with ETH rising 18% and outperforming equities by 2,450bp.\u201d To Lee, this has demonstrated that cryptocurrencies are a \u201cgood \u2018wartime\u2019 store of value.\u201d<\/p>\n

He also highlighted the US Congress\u2019s recent progress on the CLARITY Act, affirming that it will be a positive fundamental catalyst for Ethereum and \u201canother reason probabilities favor the crypto winter as being largely behind us.\u201d<\/p>\n

Ethereum Bullish Momentum Returned?<\/h2>\n

On Monday morning, Ethereum rose alongside the rest of the crypto market after President Donald Trump announced he was postponing planned strikes on Iranian energy power plants for five days.<\/p>\n

Ethereum surged 8% from the $2,000 psychological level, reclaiming<\/a> the crucial $2,150 area. Analyst Ali Martinez noted that the King of Altcoin is \u201cshowing signs of a major structural shift,\u201d as it has shown the strongest combination of technical support and on-chain signals in months.<\/p>\n

From a technical perspective<\/a>, Ethereum is currently trading within a multi-year ascending triangle pattern on the weekly chart. This pattern suggests a potential breakout towards the $10,000 level.<\/p>\n

As he explained, the recent move toward $1,800 served as \u201ca critical reaction point, aligning with the rising trendline of this multi-year structure.\u201d In addition, on-chain data confirms that the recovery \u201cwasn\u2019t just a random bounce,\u201d with the MVRV ratio recently dropping below 0.8, which historically has been a \u201cgenerational buy zone.\u201d<\/p>\n

\n

The fact that this on-chain reset happened exactly as price tested the triangle\u2019s support adds massive weight to the bullish thesis.<\/p>\n<\/blockquote>\n

He also highlighted<\/a> that the key SuperTrend indicator has flipped from Sell to Buy for the first time since May, suggesting that the extended sideways period is ending, and a new uptrend is beginning.<\/p>\n

Martinez concluded that a sustained move above the $2,350 area would be the first signal that Ethereum is exiting its accumulation range and entering a \u201ctrue bull market expansion\u201d and that any dips into the $1,800-$2,000 range should be \u201cviewed as an opportunity as long as the $1,800 floor remains intact.\u201d<\/p>\n

\"Ethereum,<\/p>","protected":false},"excerpt":{"rendered":"

Bitmine has increased its bet on Ethereum (ETH) with a $137 million purchase, as the King of Altcoins reclaims the crucial $2,150 level, and some market observers call for the end of the crypto market correction. Bitmine Adds 65,000 ETH Amid End Of Crypto Winter Calls On Monday, the largest Ethereum treasury in the world, […]<\/p>\n","protected":false},"author":1,"featured_media":38942,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[47],"tags":[],"class_list":{"0":"post-38941","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ethereum"},"yoast_head":"\nEthereum Tops $2,100 As BitMine Ramps Up ETH Bet With $137M Purchase - Cryptomag<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptomag.finance\/?p=38941\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ethereum Tops $2,100 As BitMine Ramps Up ETH Bet With $137M Purchase - Cryptomag\" \/>\n<meta property=\"og:description\" content=\"Bitmine has increased its bet on Ethereum (ETH) with a $137 million purchase, as the King of Altcoins reclaims the crucial $2,150 level, and some market observers call for the end of the crypto market correction. 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