BitMine Adds 17K ETH as Markets Eye Q4 Ratio Breakout
AMBCrypto reports that BitMine has added 17,000 ETH to its holdings while broader cryptocurrency markets watch for a potential breakout in the ETH/BTC ratio. Ethereum has outperformed Bitcoin during the third quarter, delivering an ROI exceeding 70 percent compared to Bitcoin’s 43 percent return.
Historically, fourth quarters have heavily favored Bitcoin, with Ethereum failing to outperform BTC in Q4 periods since 2021. The ETH/BTC ratio is currently testing the 0.03 resistance level. A confirmed break above this threshold could signal that third-quarter momentum is extending into the final months of the year.
Institutional flows continue to show strong preference for Bitcoin, as Bitcoin exchange-traded funds conclude the quarter with over six billion dollars in net inflows, which is more than double the inflows recorded by Ethereum products. Corporate accumulation remains active for Bitcoin as well, with Strategy adding 1,665 BTC and Strive purchasing 94.5 million dollars in Bitcoin to surpass the 27,400 BTC mark.
Despite heavy institutional accumulation in Bitcoin, altcoin breadth is improving. The Altcoin Season Index has moved past its mid-August high of 61, and Bitcoin dominance has decreased by nearly two percent over the month. BitMine’s latest purchase runs parallel to these developments, arriving as rotational buying picks up across the digital asset sector. If current market momentum holds, Ethereum could achieve its first fourth-quarter outperformance against Bitcoin in several years.
Based on reporting by ambcrypto.com.
