ETH: Bitmine Buys $69M as DeMark Sees Uptrend Resume

Bitmine bought 28,086 ETH last week, worth about $69.4 million at Tuesday’s Ether price of $2,472. The purchase lifted the Ethereum treasury firm’s holdings to 5,929,198 ETH, leaving it roughly 171,000 ETH short of its goal to own 5% of Ethereum’s supply.

Bitmine has purchased ETH every week since launching its Ethereum treasury strategy in June 2025. Its latest haul was below the previous week’s purchase of 53,501 ETH, but the company could reach its accumulation target in less than seven weeks if it maintains the latest pace.

Why it matters

Bitmine’s continued buying adds a persistent institutional demand source while ETH trades near the $2,400–$2,500 range. Tom DeMark, founder of DeMark Analytics and a capital markets adviser to Bitmine, said Ether’s sideways consolidation did not produce a downside break and that a 12-day metric had expired. He said those signals point to a possible renewal of the prior uptrend.

Ether had rallied 35% in only a few days in mid-August before entering a two-week consolidation period. The combination of ongoing treasury accumulation and a potentially bullish technical setup supports the bullish market interpretation, although the latest weekly purchase pace was slower than the prior week.

Market impact

The immediate signal is continued demand from Bitmine, which now controls a large reported ETH position. Investors will watch whether the company sustains weekly purchases, whether ETH can hold above its recent consolidation range, and whether the technical indicators identified by DeMark translate into renewed upward momentum.

Bitmine’s path to 5% of Ethereum’s supply would require about 171,000 additional ETH. That remaining distance puts the company close enough to its target that continued buying could remain a relevant source of market support.