The strong rise of Ethereum in the third quarter of twenty twenty five did not happen by chance. Every big market run has one main driver and this time it came from the growing use of digital asset treasuries. During this period one company stood out more than anyone else. BitMine became one of the biggest forces behind the climb in ETH. In mid August Ethereum went up to four thousand nine hundred and a large part of that move came from the heavy buying done by BitMine.
From early July to late September BitMine kept building its ETH treasury again and again. Its record shows eleven different Ethereum buys in just the third quarter. The total amount of ETH held by the company jumped from one hundred sixty three thousand to two point six million in only three months. That means BitMine added almost two point four four million ETH in that short time which is a very large increase. This huge move from the company helped build confidence in the market and gave more strength to the price of Ethereum.
This activity also helped BitMine itself. On the daily chart the stock price of the company moved up around forty five percent during the same quarter making it one of their strongest periods of the year. High values for the company show that investors trust their plan and support their decision to keep buying ETH. As long as BitMine kept building its treasury traders believed the market could see more upside.
Things changed a bit in the fourth quarter. BitMine still kept buying but the reaction in the market was very different. In this quarter the company made nine more ETH transactions and raised its treasury to three point seven million ETH. That means they added about nine hundred thousand ETH in only three months which is still a big amount. Even so Ethereum has not followed the same pattern this time. ETH has fallen twenty six percent in this quarter which is worse than the twenty one percent drop in Bitcoin. The market has been much quieter even though the buying from BitMine continued.
When we look at the numbers it becomes clear why people are asking questions. BitMine now holds roughly eleven billion dollars worth of Ethereum based on current price levels and the value of that stake is down around three point eight percent. With ETH trading close to three thousand this shows that the strong support that came from digital asset treasuries in the earlier part of the year may be slowing down now. If this trend keeps going Ethereum could be losing one of the biggest drivers that helped it climb in the past.
In short the third quarter was a period when strong buying by BitMine helped push ETH toward its highs. The fourth quarter has seen more buying but the price has not reacted in the same way. This has created a clear split in the market. Traders are watching carefully to see if digital asset treasuries will stay an important force or if their impact will fade. Ethereum needs steady confidence to stay above three thousand and any change in this support could guide the next big move in the market.
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