ETH Moves Higher as Bitmine and SharpLink Appear to Load Up

TLDR

Table of Contents

Bitmine Immersion added 46,255 ETH worth $200.43M, raising its holdings to 2.12M ETH.
SharpLink transferred 379M USDC to Binance, signaling potential ETH purchase.
ETH price rose 2% to $4,411 after U.S. PPI inflation dropped to 2.6%.
ETH trading volume jumped 36% in 24 hours amid growing institutional activity.

Ethereum is seeing strong activity after on-chain data suggested two major treasury firms — Bitmine Immersion (BMNR) and SharpLink Gaming (SBET) — are increasing their ETH holdings. The timing follows the release of U.S. inflation data showing a cooler-than-expected Producer Price Index (PPI), sparking more institutional movement into crypto assets, including Ethereum.

Bitmine Immersion Buys Over 46,000 ETH Amid Cooling PPI

According to Lookonchain data, Bitmine Immersion acquired 46,255 ETH, worth around $200.43 million, in a single purchase. This transaction took place on September 11 and brought Bitmine’s total Ethereum holdings to over 2.12 million ETH, now valued at about $9.27 billion.

The company had already added 10,320 ETH earlier in the week, paying roughly $44.57 million. The same week, it disclosed an even larger buy of 202,469 ETH, spending close to $881 million. The accumulation reflects the firm’s strategy as the market responds to lower-than-expected inflation data from the U.S.

Bitmine Immersion is backed by market analyst Tom Lee, who recently projected that Ethereum could hold support around the $4,300 mark. Lee also stated that a growing on-chain presence by Wall Street and increasing activity in AI tokenization could lead to higher ETH demand.

BMNR stock rose 2.24% to close at $45.60 on Wednesday. The stock is up more than 551% since the start of the year, according to Google Finance.

SharpLink Transfers USDC to Binance, Signals ETH Purchase Plans

SharpLink Gaming, the second-largest Ethereum treasury holder, transferred 379 million USDC to Galaxy Digital, with the funds eventually sent to Binance. While the company has not confirmed a direct ETH purchase, past similar transactions were followed by ETH buys.

Lookonchain data shows that Galaxy Digital wallets held $17.47 million USDC prior to the transfer. On-chain tracking indicates that stablecoins from SharpLink are being positioned for market activity, most likely through Binance.

SharpLink Sells USDC to Binance. Source: Arkham

SharpLink currently holds about $3.6 billion worth of ETH in its treasury. The firm also repurchased 939,000 SBET shares under its ongoing $1.5 billion buyback program. The average purchase price was $15.98 per share. On Wednesday, SBET stock closed at $16.09, down 3.59%.

These financial movements suggest that SharpLink may continue adding to its ETH position, depending on market conditions. While no official statement has been released, similar trends in past trading weeks have shown ETH purchases after stablecoin transfers.

ETH Price Rises as Trading Volume and Institutional Interest Increase

Ethereum’s price has seen a 2% gain in the last 24 hours, currently trading at around $4,411. The price reached a low of $4,296 and a high of $4,450 during the same time period. Trading volume also increased by 36%, reflecting greater interest from investors and institutions.

The rise follows the latest U.S. PPI inflation reading, which showed a decrease to 2.6%. This was well below both the forecasted 3.3% and the previous 3.3%, leading to renewed activity in digital assets. Analysts suggest the shift could signal the start of more consistent institutional entries.

ETH Price in 12 Hr Timeframe

Technical analysis points to a Bollinger Band squeeze, indicating possible sharp moves in price. Charting platform IncomeSharks noted that the on-balance volume (OBV) for ETH is rising ahead of price. This is seen as a possible early signal of buying momentum building in the market. Ethereum continues to draw interest as macroeconomic factors shift and institutions show more intent to hold large reserves of the asset.

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