Bitmine’s $44M Ethereum Buy Puts 14,618 ETH In Corporate Hands

Bitmine is adding 14,618 ETH worth $44.34 million to its holdings, on-chain data from Arkham shows. The treasury move comes as Ethereum charts flash bullish continuation signals and traders compare its multi-year range to gold’s breakout.

Bitmine Buys 14,618 ETH Worth $44.34M From BitGo via BitGo Custody

Bitmine has purchased 14,618 ETH worth $44.34 million from BitGo’s hot wallet, Arkham Intelligence on Arkm Explorer confirms. The transfer occurred about three hours ago, according to Arkham’s Ethereum transaction log.

Bitmine ETH Transfer. Source: Arkham Intelligence / X

The purchase originated from a wallet labeled “BitGo: Hot Wallet” and moved to a Bitmine address marked under the BitGo custody cluster. The transfer’s value corresponds with $44.34 million in U.S. dollar terms, based on ETH pricing at the time of the transaction.

First, the movement adds to a series of earlier ETH transfers between BitGo-linked hot wallets and Bitmine clusters, including transactions dated four to six days ago. Next, this marks the largest recent ETH outbound flow to the Bitmine entity shown in the transaction list. Finally, the size of the purchase places Bitmine among corporate treasury buyers increasing exposure to Ethereum in a single on-chain transaction.

Ethereum Forms Double Zigzag Pattern With Targets at 3,180 and 3,300

Ethereum’s lower-time-frame chart shows price trading inside a rising parallel channel while a possible double zigzag structure unfolds, according to analyst Hamza from ElliottWavesHub. On the 1-hour ETH/USD chart, wave B appears to be forming a contracting triangle near 3,020 dollars, keeping price action compressed between the channel boundaries.

Ethereum Double Zigzag Channel. Source: TradingView/ElliottWavesHub

The chart marks two upside objectives if the pattern completes: equality with wave A near 3,180 dollars and equality with the earlier wave W around 3,300 dollars. These levels line up with the upper half of the channel, so they act as key reference zones if Ethereum continues to respect the current structure.

At the same time, Hamza places invalidation at about 2,887 dollars, slightly below the 0.236 retracement shown on the chart. A move under that level would break the pattern’s internal wave count and signal that the current double zigzag scenario is no longer in play, even as the broader channel still frames the medium-term trend.

Trader Says Ethereum Mirrors Gold’s Four Year Breakout Range

Now, trader Tracer argues that Ethereum is tracking a similar four year consolidation pattern to gold’s recent breakout. In a two week chart comparison, he shows gold breaking above a multi year horizontal range and then using the former ceiling as support before trending higher.

GOLD ETH Four Year Consolidation Comparison. Source: DeFiTracer

The lower panel plots ETH/USDT in a matching sideways band, with current price pulling back toward the same range high that capped rallies in prior years. On the chart, that level acts as potential support, marked with a green circle and the label “we are here,” while a red circle highlights the earlier rejection near the same zone.

The trader summarizes the setup as “same range, same breakout, same support,” and claims a “massive pump is coming” if Ethereum repeats gold’s move. However, the idea hinges on ETH holding its prior range top as support in the coming candles, keeping the four year consolidation structure intact.