Ethereum (ETH) trades near $2,940 as BitMine, the world’s largest Ethereum treasury firm, stakes $2.19 billion worth of ETH into the network, signaling growing institutional confidence.
BitMine has staked 74,880 ETH, marking its first move to earn yield from Ethereum’s proof-of-stake system. The firm now holds more than 4 million ETH. At current annual yields of 3.12%, this staking could generate around 126,800 ETH per year, equivalent to roughly $371 million.
This move reflects a broader trend of institutional investors taking long-term positions in Ethereum. Last week, BitMine purchased nearly 99,000 ETH at an average price of $2,976, totaling about $294 million.
Ethereum’s market fundamentals remain strong, with a market capitalization near $355 billion and daily trading volumes exceeding $7.4 billion. Technical indicators suggest the price is consolidating above support levels around $2,775.
If ETH breaks above $3,000, analysts see a potential rally toward $3,170 and then $3,300-$3,320. Conversely, a drop below $2,775 could push the price down to $2,620.
Currently, Ethereum is trading slightly below the 50-day and 100-day moving averages, with the Relative Strength Index (RSI) near 50, indicating balanced market momentum.
BitMine’s staking decision underscores growing institutional confidence in Ethereum as not only an investment asset but also a source of predictable yield.
