Ethereum surges to 3350, what does BitMine's $3.3 billion bet reveal?

ETH just broke through 3350 USDT, and this is not an isolated price event. Behind this breakthrough are aggressive institutional capital deployment, market sentiment divergence, and multiple technical supports.

Technical Background of the Price Breakthrough

According to the latest news, ETH is currently priced at 3350.33 USDT, with a 24-hour increase of 3.92%. Although it has fallen 2.05% over the past 7 days, the 30-day gain remains positive at 4.18%. This breakthrough is not happening out of thin air but is built on recent sustained technical support.

From technical indicators, ETH’s 4-hour K-line shows increased trading activity, with multiple bullish forces still present. The recent support level is at $3069, with resistance at $3137, and the current breakthrough at 3350 indicates the market has surpassed a higher technical resistance.

Aggressive Signals from Institutional Capital

The most noteworthy is BitMine’s actions. According to the latest data, BitMine has staked a total of 1.19 million ETH, worth approximately $3.36 billion. More aggressively, over the past three weeks, BitMine has staked $3.3 billion worth of ETH. This institutional-level holder is voting with their funds, conveying a strong bullish outlook on ETH’s long-term value.

What does this scale of staking imply? BitMine is using real capital to express confidence in ETH. Staking locks funds, preventing short-term selling, which fundamentally reflects a long-term bullish stance.

Divergence in Market Sentiment

Interestingly, data shows that ETH’s social media sentiment has fallen to levels seen in early 2025, when ETH surged from $1472 to a peak of $4878. Currently, the sentiment index is in the fear zone (Fear & Greed index at 29), yet the price continues to rise.

This divergence between sentiment and price is often a typical feature of market bottoms. When most people are fearful, smart money is deploying. The continuous accumulation by institutions like BitMine and whales confirms this.

ETH’s Position in the Market Landscape

As the second-largest cryptocurrency by market cap, ETH accounts for 12.10% of the total market, with a 24-hour trading volume of $21.77 billion. This liquidity scale ensures that institutional funds can move effectively, which is why BitMine dares to invest $3.3 billion in three weeks.

Additionally, recent large whales have withdrawn 5894 ETH from Kraken, and Vitalik-related addresses are also depositing ETH into exchanges. The diversified movements of these large holders reflect different views on ETH, but overall, institutional accumulation is more prominent.

Future Focus Points

According to the news, on January 15, the U.S. Senate Banking Committee will vote on the CLARITY Act, which involves cryptocurrency regulatory frameworks. Meanwhile, BitMine will hold a shareholder vote; if approved, a stock issuance will raise more funds to buy ETH. These events could influence ETH’s price.

Summary

The significance of ETH breaking through 3350 is not just about the number itself but reflects the market pattern: institutional funds actively deploying at the bottom, social sentiment in extreme pessimism, yet prices rising. BitMine’s three-week investment of $3.3 billion in staking is currently the clearest bullish signal. When market sentiment is at its lowest, the actions of smart money are most worth paying attention to. Moving forward, close monitoring of regulatory policies, institutional holdings, and key technical resistance levels is essential.