NYSE-listed BitMine Immersion Technologies has expanded its Ethereum holdings with another 5,000 ETH purchase worth approximately $11.22 million. The latest acquisition brings the company’s holdings to roughly 6.065 million ETH, representing nearly 5% of the cryptocurrency’s total supply.
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Meanwhile, Ether traded near $2,290 on November 3, as market participants watched the $2,300 level for signs of a sustained recovery.
BitMine’s ETH Treasury Nears Its 5% Goal
Lookonchain reported on X today that BitMine Immersion Technologies, led by Fundstrat’s Tom Lee, bought 5,000 ETH.
As of November 1, BitMine’s balance sheet now holds 6,060,506 ETH, representing approximately 4.9% of the total supply, with an estimated market value of $13.7 billion.
The company is now roughly 99% of the way toward its stated target of controlling 5% of all circulating ETH.
ETH Price Levels Analysts Are Watching
Crypto analyst Ted Pillows noted on X that Ethereum has been holding up well over the past few days, suggesting that buyers are gradually stepping in.
According to his latest analysis, ETH needs to reclaim the $2,300 level to establish the foundation for a stronger recovery rally.
In a previous update on November 2, Pillows highlighted that ETH had reclaimed the $2,250 support zone, identifying $2,400 as the next key level to watch.
The focus is now on whether Ethereum can maintain its recovered support and build enough momentum to break through the next resistance levels.
Ether slipped 0.2% on Tuesday, according to CoinGecko data. It is down 1.4% over the past week and 15.6% over the past month.
Exchange Reserves Drop Post-Binance Hack
On-chain analytics from Santiment Intelligence reveal a contraction in liquid ETH supply across centralized exchanges following the October 29 historical $6.39 billion hack at Binance.
According to Santiment post on X, ETH exchange supply declined from 3.56% of total supply on October 28 to 3.20% by November 2. Over half of the initial drop occurred immediately during the hot-wallet incident, draining ~200,630 ETH.
ETH held by top exchange addresses did not fall on Oct 29. It rose by about 39,000 ETH, then dropped by about 313,000 ETH across Nov 1 and Nov 2, after withdrawals reopened.
From the Oct 28 to Nov 2 closes, top-address holdings are down about 297,000 ETH (~5.4%).
Santiment noted that exchange data alone cannot show whether the outflows reflect cold-storage moves or OTC transfers. Still, corporate accumulation and lower exchange balances together point to a tighter floating supply as ETH approaches $2,300.
Why This Matters
Corporate treasuries like BitMine are absorbing a growing share of ETH supply while exchange balances shrink, which can reduce liquid supply available to sellers.
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