Bitmine further increased its holdings by 14,618 ETH, institutions are accelerating their bets on the Ethereum rise trend.

Bitmine Immersion Technologies (BMNR) has recently made another large-scale purchase of Ethereum, drawing significant market attention. On-chain data shows that this Ethereum treasury company, supported by Fundstrat's renowned analyst Tom Lee, increased its holdings by 14,618 ETH on November 28, worth approximately $44.34 million, with funds coming from BitGo Hot Wallet. This increase further strengthens the recent trend of institutional demand for Ethereum recovering.

As of now, Bitmine Immersion holds approximately 3.6 million ETH, accounting for 3% of the total ETH supply, making it one of the most influential enterprise-level Ethereum holders in the market. According to Yahoo Finance data, Bitmine's enterprise value reaches 12.19 billion USD, with a total cryptocurrency holding scale of 11.2 billion USD, maintaining a solid price-to-book ratio of 1.08.

Recently, the inflow of funds into spot Ethereum ETFs has signaled a rise in institutional demand. Before the Thanksgiving holiday, BlackRock and Fidelity recorded a significant influx of ETH, boosting overall market sentiment. Against this backdrop, Bitmine has made multiple large purchases over the past few days, including the acquisition of 28,625 ETH worth $82.11 million and the purchase of 21,537 ETH worth $60 million from FalconX, indicating its continued expansion of positions driven by Tom Lee's bullish outlook.

Driven by institutional buying, BMNR's stock price soared 9.79% on Wednesday and rose further by 3.65% in after-hours trading. In the past month, institutional holdings surged from 10 million shares to 100 million shares, demonstrating market confidence in its Ethereum treasury model.

In terms of market performance, Ethereum remains above $3000, currently reported at $3019, with a weekly increase of nearly 15%. Despite a 31% decrease in 24-hour trading volume, derivative market data indicates a return of buying interest, with ETH futures open interest slightly increasing by 0.71% to $36.2 billion in the past 4 hours. Analysts believe that if ETH successfully closes above $3000 this week, it is likely to further challenge the $3300 to $3400 range.