Ethereum On-Chain Activity Suggests Massive ETH Purchase by Bitmine (BMNR) and SharpLink (SBET)

Bitmine and SharpLink Gaming purchase massive amounts of ETH, as Ethereum price rises following cooling U.S. inflation data.

Recent on-chain data shows significant Ethereum (ETH) purchases by Bitmine Immersion (BMNR) and SharpLink Gaming (SBET), as Ethereum price rises following positive U.S. Producer Price Index (PPI) data. These purchases reflect strategic moves by the companies, which are increasing their Ethereum holdings amidst growing market interest.

Bitmine Immersion Expands ETH Holdings

Bitmine Immersion, backed by Tom Lee, recently added 46,255 ETH to its holdings, valued at approximately $200.43 million.

According to Lookonchain, this purchase boosts Bitmine’s total Ethereum holdings to 2,126,018 ETH, worth around $9.27 billion. This follows another significant purchase of 202,469 ETH worth $881 million in the previous week.

Bitmine also continued accumulating ETH with an additional 10,320 ETH, valued at $44.57 million. These moves align with predictions from Tom Lee, who believes Ethereum price will hold support at $4,300.

The growing institutional interest in Ethereum is evident, as Wall Street becomes more involved in blockchain and cryptocurrency markets.

SharpLink Gaming Looks to Increase ETH Holdings

SharpLink Gaming, the second-largest Ethereum holder, moved 379 million USDC to Galaxy Digital, possibly signaling more ETH purchases.

Further analysis showed Galaxy Digital’s wallet holds $17.47 million in USDC. SharpLink’s past transactions have often preceded Ethereum acquisitions.

Currently, SharpLink holds $3.6 billion in ETH, making it one of the largest corporate ETH holders. The recent stablecoin movement suggests the company is gearing up to expand its ETH reserves, solidifying its position in the growing Ethereum ecosystem.

ETH Price Movement Following PPI Data

Ethereum price has seen a noticeable increase after U.S. PPI data showed a drop in inflation. Over the past 24 hours, Ethereum price rose more than 2%, reaching $4,411. The 24-hour low and high were recorded at $4,296 and $4,450, respectively.

The price jump follows news that U.S. PPI inflation cooled to 2.6%, far below the expected 3.3%. This decrease in inflation has spurred institutions like Bitmine and SharpLink to continue increasing their Ethereum holdings.

As inflation cools, interest in ETH rises, with investors positioning themselves for a potential future price surge.

Analyst Predictions for Ethereum Price Movement

Ethereum price has increased by over 2% in the last 24 hours, trading at $4,411. The 24-hour low and high were $4,296 and $4,450, respectively.

Analysts Ali charts note that the tightening of Bollinger Bands indicates a potential significant price move is nearing.

Additionally, rising on-balance volume (OBV) suggests increasing buying interest in ETH. Analysts recommend monitoring key levels, as a breakout above $4,600 or a breakdown below $4,300 could set the stage for Ethereum’s next major price move.

As Ethereum’s price continues to gain momentum, market participants are watching for further growth.