BitMine Said 'Hold My Beer': 71K ETH Purchase Gives ETH a Shot at Breakout

BitMine Immersion Technologies just pulled off what might be the most "wait, what?" move of the quarter—their biggest Ethereum shopping spree since December 2025, grabbing 71,524 ETH like they found a 70% off coupon at a gas station. This hauling spree brings their bag to a chunky 4.875 million ETH, which translates to roughly 4% of Ethereum's entire supply. Their combined crypto and cash reserves now sit around $11.8 billion as of April 12, because apparently holding Bitcoin ASICs wasn't spicy enough anymore.

Whale watching season is delivering some fascinating plot twists. Wallets holding over 100,000 ETH have flipped back into unrealized profit territory after taking a brief swim in the red. For those keeping score at home, these kinds of flips in 2019, 2020, and late 2022 typically preceded some very nice price pumps. So yeah, big fish feeling bullish again could be that early Christmas gift we've been waiting for—minus the ugly sweater.

ETH is currently chilling at $2,207.68—comfortably above the psychological $2,200 floor after a lovely climb through late March and early April. Momentum is sitting in that "mildly bullish, not yet manic" zone, which means there's still some runway without triggering those "are we in a bubble?" tweets from your favorite crypto influencers.

For the chart kids out there, the DMI is showing the +DI at 23.41 staying above the -DI at 16.23, meaning buyers are still holding the remote—though