TLDR
Ethereum’s futures-to-spot ratio jumped from 5 to 6.9, showing traders are heavily using leverage and betting on price swings
BitMine bought 14,618 ETH worth $44.34 million on Thursday, adding to its treasury of over 3.6 million tokens
ETH faces resistance at $3,100 with support near $2,850, while recent liquidations totaled $34.2 million in 24 hours
BitMine Chair Tom Lee predicts Ethereum could reach $7,000 to $9,000 by January 2026
Ethereum leads Bitcoin and Solana in futures demand, with other assets maintaining stable ratios between 3.5 and 4.5
Ethereum’s trading activity has shifted toward futures contracts in recent days. Data from CryptoQuant shows the futures-to-spot ratio climbed from 5 to nearly 6.9.
The ratio measures how much trading happens in futures markets compared to spot markets. Bitcoin and Solana maintain ratios between 3.5 and 4.5. Ethereum’s higher number shows traders are using more leverage for ETH positions.
This pattern often appears when traders expect price volatility. Futures allow traders to bet on price movements without owning the actual cryptocurrency. The growing ratio suggests traders are positioning for short-term price changes.
BitMine Immersion Technologies bought 14,618 ETH on Thursday through a wallet tracked by Arkham Intelligence. The purchase totaled $44.34 million at the time of the transaction. BitMine acquired the tokens from BitGo at approximately 5:07 p.m.
The company has not officially confirmed this specific transaction. BitMine announced a $200 million Ethereum purchase earlier this month. The firm currently holds 3,629,701 ETH worth about $10.9 billion.
Price Levels and Technical Analysis
Ethereum trades near $3,100, testing a key resistance level. This price point sits below the 20-day Exponential Moving Average. The EMA has acted as resistance since October 10.
Breaking above $3,100 could open the path to $3,470. Support exists near $2,850, which aligns with the cost basis for large ETH holders. If the price drops to this level, whale buyers might step in.
The past 24 hours saw $34.2 million in ETH futures liquidations. Short positions accounted for $22.1 million of these liquidations. This means traders betting against Ethereum were forced out of their positions as prices moved higher.
BitMine’s Strategy and Market Position
BitMine holds roughly 3% of Ethereum’s total supply. The company aims to accumulate 5% of all ETH tokens. BitMine Chair Tom Lee has spoken publicly about Ethereum’s potential in financial services.
Lee believes Wall Street institutions and government entities will favor Ethereum for blockchain applications. He describes Ethereum as a neutral chain suitable for mainstream adoption.
In a recent podcast interview, Lee predicted ETH would bottom near $2,500. He forecasts the price could climb to between $7,000 and $9,000 by the end of January 2026.
Lee also expects the Federal Reserve to adopt a more accommodating stance by year-end. He thinks this policy shift would reduce market pressure and provide clarity for crypto traders.
Market Indicators
The Relative Strength Index for Ethereum remains below neutral but has started to flatten after a recent increase. The Stochastic Oscillator moved above its midline. If the RSI rises to match the Stochastic, it could signal building upward momentum.
Bitcoin currently trades at $91,309, up 0.13% in the past day. Ethereum trades at $3,018, down 0.69% over the same period.
