Bitmine expanded holdings to 3.4M ETH worth $14.2B despite market panic from Balancer’s $120M exploit, while Ethereum formed a death cross pattern.
By Ibrahim Ajibade
Editor Marco T. Lanz
Updated
2 mins read
On Nov. 3, Tom Lee-led Ethereum treasury firm Bitmine announced a new purchase of 82,353 ETH, expanding its total Ethereum holdings to 3.4 million ETH, valued at $14.2 billion.
According to the company’s press release, the firm raised its cash reserves to $389 million, up from $305 million, while reemphasizing its target to acquire 5% of Ethereum’s circulating supply.
Tom Lee stated the firm raised its ETH position by 82,353 ETH in the past week, reaching 2.8% of ETH supply in circulation.
Following Bitmine’s latest buy, its stock price fell 7.48% to $43.16, reflecting investor anxiety over the DeFi security breach.
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BitMine provided its latest holdings update for Nov 3rd, 2025:$14.2 billion in total crypto + "moonshots":
-3,395,422 ETH at $3,903 per ETH (Bloomberg)
– 192 Bitcoin (BTC)
– $62 million stake in Eightco Holdings (NASDAQ: ORBS) (“moonshots”) and…— Bitmine (NYSE-BMNR) $ETH (@BitMNR) November 3, 2025
Weekly disclosures show consistent Ethereum purchases, including 203,826 ETH on Oct. 20 and 202,037 ETH on Oct. 13.
The last purchase coincided with market turbulence following a $120 million exploit targeting Balancer, an Ethereum-based DeFi protocol.
.@Balancer and several forked projects were attacked a few hours ago, resulting in losses exceeding $120M across multiple chains. This was a highly sophisticated exploit. Our initial analysis suggests the root cause was an invariant manipulation that distorted the BPT price… https://t.co/KaKA8D1A0i pic.twitter.com/zLfGW0mrmj
— BlockSec Phalcon (@Phalcon_xyz) November 3, 2025
Ethereum’s recent slide below $3,700 on Nov. 3 has triggered a death cross formation between the 50-day moving average at $4,145 and 200-day moving average of $4,197. When a shorter-term moving average dips below the longer-term one, it often signals a potential downtrend continuation, especially when accompanied by heavy sell volume experienced during Nov. 3’s $120 million Balancer exploit.
Ethereum ETH $3 607 24h volatility: 6.4% Market cap: $435.33 B Vol. 24h: $44.30 B price is consolidating around $3,616, down 7.4% on the day, its highest single-day loss since the record-breaking $19.4 billion crypto market capitulation on Oct. 10.
Ethereum (ETH) Price Analysis, Nov 3, 2025 | Source: TradingView
However, the RSI at 36.52 shows Ethereum entering oversold conditions, suggesting sellers may be exhausting momentum short-term. This could fuel a minor rebound, possibly toward the $3,720 resistance zone, where the price was rejected twice in late October.
If Ethereum fails to hold above $3,500, the next downside target sits near $3,300.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Ibrahim Ajibade is a seasoned research analyst with a background in supporting various Web3 startups and financial organizations. He earned his undergraduate degree in Economics and is currently studying for a Master’s in Blockchain and Distributed Ledger Technologies at the University of Malta.
