A significant acquisition by BitMine Immersion Technologies has seen the firm purchase 9,176 ETH worth $29 million from Galaxy Digital’s OTC wallet. This move signals continued institutional confidence in Ethereum’s future potential. The timing of this purchase coincides with a recent market downturn and suggests BitMine is utilizing opportunities to build up its holdings. BitMine’s strategy is focused on accumulating a significant share of Ethereum, aligning with their goals to control 5% of the total ETH supply. Analysts suggest that such large-scale purchases could offer valuable support for price stability in uncertain times. BitMine’s actions follow an established pattern of strategic acquisitions amid market downturns, further driving confidence in the long-term value of Ethereum.