Institutional Accumulation Drives Ethereum’s Resurgence

Ethereum has reclaimed the $3,000 threshold, trading near $3,030 as of Monday, December 22. This represents a 24-hour gain of approximately 1-2% for the world's second-largest cryptocurrency. The price stabilization coincides with a significant corporate disclosure that is capturing market attention: a publicly-traded firm has expanded its Ethereum holdings to a historic level.

BitMine Immersion Technologies has confirmed it now holds over 4 million ETH, precisely 4.066 million tokens valued at roughly $12.2 billion. This substantial position establishes BitMine as the largest public holder of Ethereum globally, accounting for about 3.37% of the entire circulating supply.

The company's approach is an aggressive accumulation strategy, referred to internally as the "Alchemy of 5%." Its stated objective is to control five percent of all Ethereum in existence. Such a concentrated position from an institutional player not only signals profound long-term confidence but also removes a significant volume of liquidity from the open market.

Technical Upgrades Underpin Network Strength

Beyond institutional demand, Ethereum's ecosystem is benefiting from two recently implemented network enhancements. The Fusaka upgrade, activated on the mainnet on December 3, continues to operate stably. Its introduction of Peer Data Availability Sampling (PeerDAS) has successfully increased data throughput for Layer-2 rollups without compromising the network's decentralized nature.

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This follows the late-November increase of the Block Gas Limit by 33% to 60 million units. On-chain metrics indicate the network is actively utilizing this added capacity, while transaction fees on the base layer have remained steady. The combination of greater capacity and more efficient data handling is laying a technical foundation for continued ecosystem expansion.

Market Analysis and Price Trajectory

Having rebounded from a support zone around $2,950, Ethereum has now established a foothold above the psychologically important $3,000 level. Trading volume currently stands near $17.8 billion. Market observers are now watching the $3,220 region, which aligns with the 50-day moving average. A sustained move above $3,050 could potentially unlock further upward momentum.

The Relative Strength Index (RSI) is hovering in neutral territory around 50, suggesting the asset is neither in overbought nor oversold conditions at present.