BitMine acquires 71,524 ETH, largest purchase since 2025

BitMine acquired 71,524 ETH last week, its largest purchase since December 2025, bringing total holdings to 4.88 million ETH. Ethereum’s market odds for surpassing $2,400 on April 11 sit at 100% YES.

Market reaction

The Ethereum price prediction for April 11 surged from 18% to 100% YES over 24 hours, with $32,037 in USDC traded daily. Traders appear to be pricing ETH as a hedge amid the ongoing Iran conflict. The Ethereum above $1,600 on April 12 market sits at 99.9% YES, consistent with expectations that ETH holds above that level.

Why it matters

Trading volume is at $128,150 in USDC over the past day. The order book requires $7,967 to move the price 5 percentage points, which points to relatively deep liquidity for this contract. The largest price movement was a 38-point spike, suggesting concentrated buying pressure around ETH’s near-term price levels.

BitMine’s purchase, during a period of rising oil prices and the Iran conflict, fits a pattern of institutional buyers treating crypto as part of their risk management. At current prices, buying YES shares for ETH above $1,600 by April 12 at 100¢ offers a 1x return.

What to watch

SEC announcements could shift Ethereum market pricing. Ethereum Foundation updates or major protocol upgrades are also potential catalysts.

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