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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