Ethereum Surges 8% Past $2,300 as BitMine Acquires 71,524 ETH

Quick overview

Ethereum ETH/USD is trading above $2,300 on Tuesday, almost twice as well as the rest of the crypto market. This is because of two strong factors: institutional buying at a record rate and long-awaited regulatory clarity from US securities regulators. In the last 24 hours, ETH has gone up 7.93% to $2,368, while the rest of the market has only gone up 4.22%.

BitMine’s 71,524 ETH Buy, the Biggest Catalyst

BitMine Immersion Technologies said on Monday that it bought 71,524 ETH in the past week, the largest weekly accumulation speed since December 2025. The purchase takes the company’s total Ethereum holdings to about 4.87 million ETH, which is about 4.04% of the asset’s entire circulating supply of 120.7 million tokens.

BitMine is still the biggest Ethereum treasury company by a wide margin. SharpLink, the next closest holder, has about 868,699 ETH, which is less than one-fifth of BitMine’s position. The corporation is also staking about 3.33 million ETH through its own MAVAN platform, which is expected to earn about $310 million a year at current returns. BitMine wants to own up to 5% of the world’s ETH supply, which means they will probably buy more. Each acquisition takes a significant amount of supply out of circulation.

SEC Reclassifies ETH as a Commodity, a Structural Tailwind

The SEC’s decision to treat Ethereum as a commodity and move oversight to the CFTC, which is less strict, greatly lowers the regulatory ambiguity that has kept institutions from getting involved. This shift happened before the price spike on Monday and made it easier for traditional fund managers to get in who were previously scared off by securities law exposure. Tom Lee, the chairman of BitMine, said that demand for ETH is also being pushed by tokenization on Wall Street and more AI systems using public blockchains. These are all long-term objectives that the regulation change makes it simpler to pursue on a large scale.

ETH/USD Technical Picture: Bullish, But Extended in the Near Term

Ethereum’s technical structure has become very positive. Price is above important moving averages, the MACD histogram is at a strong 24.16, and the 7-day RSI is at 70.88, which means that the market is overbought in the short term and there is a good chance of a brief consolidation before the price goes up again.

There has also been a historically important on-chain signal: the group of wallets that hold more than 100,000 ETH recently moved from a position of unrealized loss to one of profit. CryptoQuant data shows that every time this change has happened in Ethereum’s past, it has always been followed by a rally.

As long as ETH stays above the Fibonacci support zone of $2,220 to $2,286 (38.2% to 23.6% retracement levels), the way to the $2,393 swing high is still open. A strong close above that level would mean that the rally will continue, possibly aiming for the $2,500–$2,600 resistance range. If support doesn’t hold, there is a chance that the price will test $2,166 again, with $2,000 acting as a deeper structural floor. The Glamsterdam network upgrade, which is set to happen in the first half of 2026, might be a major reason for the next jump up if the current pace settles down.

ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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