Ethereum Price Rises as Bitmine Immersion Tech Boosts Holding
Ethereum (ETH) price climbed 73% to $2,481, closely tracking Bitcoin’s 1.54% gain, primarily driven by sustained institutional demand via spot ETFs and a broader macro-driven market rally.
ETH price rose as institutional investors continued to increase their holdings in anticipation of a US Treasury liquidity boost in September, which analysts anticipated would drive a strong re-rating.
Bitmine Immersion Technologies purchased an additional 32,447 ETH worth about $81 million last week, bringing its total holdings to 5,847,611 ETH.
This represents about 4.8% of Ethereum’s circulating supply, leaving the company just 187,000 ETH short of its publicly stated goal to own 5%.
Bitmine has staked 87% of its holdings, projecting $330 million in annual staking revenue. This purchase coincided with ETH’s 31.5% weekly surge above $2,500.
This is bullish for Ethereum because it represents a massive, long-term vote of confidence from a public company, effectively locking up a significant portion of the supply. However, it also concentrates risk, as Bitmine’s financial health becomes more tied to ETH’s price volatility
Ethereum’s move closely mirrored Bitcoin’s, with both benefiting from a surge in regulated capital. U.S. spot Ethereum ETFs attracted $697 million in net inflows last week, their strongest week in ten months.
This demand, alongside a macro catalyst (the U.S. Treasury expanding its bond buyback program, which weakened the dollar), provided the lift. Institutional buying through ETFs is creating a steady bid, tightening supply and supporting prices in tandem with Bitcoin.
Technicals show ETH is overbought, suggesting a near-term consolidation or pullback is likely. The immediate key level is the 23.6% Fibonacci retracement at $2,374, derived from the recent swing high of $2,545.88.
The trend is up, but the rally is extended. A healthy pullback to the $2,269–$2,374 support zone could offer a better entry before the next leg higher, especially with the Glamsterdam upgrade testnet scheduled for September 28.
Ethereum’s rise is part of a broader crypto rally led by Bitcoin and fueled by ETF demand and favourable macro liquidity. Investors are monitoring whether ETH holds above $2,374 on any dip, as a break below could signal a deeper correction toward $2,269 before the next potential catalyst in late September. Ethereum Price climbs to $2,450 on Spot ETF Inflow
