Bitmine Nears 5% ETH Goal: Can Ethereum Price Rally to $3,000?

Bitmine is making another aggressive bet on Ethereum, with fresh on-chain activity suggesting the company is getting closer to its goal of owning 5% of the entire $ETH supply. The buying comes as Ethereum has gained more than 30% in a week, while analysts point to stronger fundamentals and a possible shift in $ETH’s market structure.

Bitmine Keeps Buying Millions in $ETH

According to an on-chain analyst Ai Yi, a new wallet accumulated 20,000 $ETH worth about $48.89 million in just 50 minutes. Another new address bought 10,000 $ETH worth roughly $24.72 million.

The wallets could belong to Bitmine because they match its usual pattern of using new addresses, large round-number transfers and purchases through Kraken, Coinbase and FalconX.

Bitmine also bought 32,447 $ETH last week, taking its total holdings to 5,847,611 $ETH, worth around $15 billion.

Bitmine Nears Its 5% Ethereum Target

Bitmine wants to own 5% of Ethereum’s total supply, equal to roughly 6.04 million $ETH. With nearly 5.85 million $ETH already held, the company is now only around 187,000 $ETH away from its target.

The accumulation has been building steadily. Bitmine held around 4.66 million $ETH in March 2026 and crossed 5.2 million in May, before reaching nearly 5.79 million by late July.

Importantly, most of these holdings are being put to work. Around 87%, or 5.07 million $ETH, is staked, with Bitmine expecting about $330 million in annual staking revenue.

$ETH Fundamentals Are Getting Stronger

The buying comes as $ETH has gained around 31.5% in seven days, outperforming Bitcoin’s roughly 24% rise.

Analyst Ali Martinez noted that since calling the July bottom, $ETH has gained 64.20%, compared with 40.70% for Bitcoin.

Other’s mentioned stronger Ethereum fundamentals, including a 59% increase in ETF holdings, a 26% fall in CEX reserves, 15% more $ETH staked and a 30% rise in active addresses.

$ETH/$BTC Signals a Possible Breakout

Analyst Crypto Patel says $ETH/$BTC has broken its multi-month downtrend, creating a higher high and potentially signaling a shift from bearish to bullish structure.

He sees 0.0270–0.0260 as the key retest zone. If Ethereum holds it, the next $ETH/$BTC targets could be 0.040, 0.050 and 0.060–0.070.

Tom Lee, Bitmine’s chairman, has also compared $ETH’s latest 30%+ weekly gain with previous major breakout periods. He believes easier financial conditions, stronger U.S. crypto support and Treasury purchases could further improve the outlook.

Can $ETH Reach $3,000?

Market sentiment has already turned sharply more bullish. Prediction markets now give $ETH around a 64% chance of reaching $3,000 before falling to $1,500.

Ethereum is facing strong resistance around $2,500–$2,550. According to Ted, if $ETH manages to close the week above this level, there is a possibility of breakout and potentially push Ethereum toward $3,000.