Can Bitmine’s Latest Purchase Keep Ethereum Price Above $3,500 Amid $120M Balancer Exploit?

Key Notes

• Bitmine purchased 82,353 ETH on Nov 3, raising total holdings to 3.4 million ETH valued at $14.2 billion.
• Ethereum dropped to $3,566 following a $120 million Balancer exploit before rebounding to $3,620 amid oversold conditions.
• Death cross formed as 50-day MA crossed below 200-day MA, signaling potential downtrend unless bulls reclaim $3,750.

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.

Related article: Ethereum Stablecoins Hit New Peak, Uniswap Reigns with $170B Volume

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 Price Forecast: Can Bulls Defend $3,500 as Death Cross Signals Weak Momentum?

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 $3 665 24h volatility: 5.0% Market cap: $442.40 B Vol. 24h: $43.07 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.

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