Can Bitmine’s Latest Purchase Keep Ethereum Price Above $3,500 Amid $120M Balancer Exploit?

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On Nov. 3, in a move that had crypto Twitter buzzing, Tom Lee-led Bitmine made an enormous purchase of 82,353 ETH, pushing its total Ethereum stash to a jaw-dropping 3.4 million ETH (yep, that’s $14.2 billion). Because who doesn’t need more Ethereum, right? 😅

In their very humble press release, the firm mentioned they had boosted their cash reserves to $389 million (up from a measly $305 million) while casually stating that they plan to acquire 5% of Ethereum’s circulating supply. Well, nothing says “confidence” like buying up all the ETH in sight, right? 🤑

Tom Lee was practically glowing when he announced the purchase of 82,353 ETH last week, which brings Bitmine’s total to 2.8% of ETH in circulation. But hey, who’s counting? It’s just money!

But in a classic “crypto” twist, the market was not so thrilled about Bitmine’s latest buying spree. Its stock price dropped by a solid 7.48%, landing at $43.16-guess those investors weren’t so keen on Bitmine becoming the next Ethereum whale. 📉

🧵 BitMine provided its latest holdings update for Nov 3rd, 2025:

$14.2 billion in total crypto + “moonshots”: -3,395,422 ETH at $3,903 per ETH (Bloomberg) – 192 Bitcoin (BTC) – $62 million stake in Eightco Holdings (NASDAQ: ORBS) (“moonshots”) and…

– Bitmine (NYSE-BMNR) $ETH (@BitMNR) November 3, 2025

In case you’re wondering about Bitmine’s “shopping spree,” recent weekly disclosures reveal their consistent Ethereum acquisitions, like 203,826 ETH on Oct. 20 and another 202,037 ETH on Oct. 13. It’s almost like they’ve got a subscription for Ethereum. 🛒

The last purchase, however, came just after some major drama in the DeFi world, following a $120 million exploit targeting Balancer, an Ethereum-based DeFi protocol. That’s a whole lot of “oops” in the crypto world, but at least they’re not stealing ETH, right? 😬

.@Balancer and several forked projects were attacked a few hours ago, resulting in losses exceeding $120M across multiple chains. This was a highly sophisticated exploit. Our initial analysis suggests the root cause was an invariant manipulation that distorted the BPT price…

– BlockSec Phalcon (@Phalcon_xyz) November 3, 2025

Now, about Ethereum’s price… It’s been a rollercoaster, to say the least. On Nov. 3, Ethereum slid below $3,700, triggering a “death cross” formation (not exactly the kind of cross you want to see, unless you’re into spooky stuff). This signals a potential downtrend, especially given the massive sell-off that followed the Balancer exploit. 😱

Ethereum (ETH) is currently sitting at $3,596 with a 7.0% volatility rate. But let’s be real, when doesn’t Ethereum have volatility? 💀

Market cap? Oh, just a little thing called $434.12 billion. No biggie. 💸

24-hour trading volume? Just $47.29 billion. In the grand scheme of things, that’s pocket change, right? 🙃

Despite all the drama, Ethereum is hanging around $3,616-down 7.4% on the day. That’s its biggest single-day loss since the infamous $19.4 billion crypto market capitulation on Oct. 10. Fun times, right? 🥳

Ethereum (ETH) Price Analysis, Nov 3, 2025 | Source: TradingView

But wait! The RSI (Relative Strength Index) is at 36.52, meaning Ethereum is now in oversold conditions. In other words, sellers may be running out of steam, which could lead to a minor rebound. Could we see a bounce toward the $3,720 resistance? Stay tuned. 🧐

On the flip side, if Ethereum can’t hold above $3,500, the next stop could be $3,300. But honestly, who’s even surprised anymore? 😬

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2025-11-04 02:15