From 4.9K to 3K: How BitMine’s Ethereum strategy is fueling ETH’s next move

Every bull run has its main drivers, and Q3 2025 was no different.Ethereum [ETH] hit $4,900 in mid-August, largely thanks to one big catalyst: DATs (Digital Asset Treasuries).Institutional demand went through the roof, fueling ETH’s strongest Q3 2025 rally with a 66.76% gain.During this period, BitMine (BMNR) emerged as Ethereum’s biggest catalyst. BMNR’s transactional history on CoinGecko shows 11 separate ETH transactions in Q3 alone, adding up to a massive accumulation.Source: CoinGeckoTo put it in perspective: BMNR’s Ethereum balance went from 163k in early July to 2.6 million by the end of September. That’s about 2.44 million ETH added in just three months, or roughly a 1,495% jump.The result? A serious boost to BitMine’s stock profile.On the daily chart, BMNR jumped 45% in Q3, making it their most bullish quarter yet. High valuations here reflect strong market confidence in the company’s treasury moves. Basically, more reason to be bullish on ETH.DAT sentiment divergence puts Ethereum rally in questionDespite the market FUD, BitMine’s confidence in Ethereum hasn’t budged.In Q4 alone, BMNR has made nine ETH transactions, bringing the treasury to 3.7 million Ethereum. Zoom in, that’s roughly 900k ETH added in the last three months, a 33% jump in the treasury.Back in the last bull market, their accumulation helped push ETH to $4,900. This time, the market is staying quiet. Despite all the hype, Ethereum is down 26% on the quarter, even worse than Bitcoin’s [BTC] 21% drop.Source: XThe numbers tell the story.As the chart above shows, BitMine’s portfolio is down 3.85% on its $11 billion ETH stake, as ETH sits around $3,068. Is the “hype” around DATs really fading? That’s a key divergence shaping the current market.If this trend continues, Ethereum could be losing its biggest catalyst, making a repeat of a Q3-style 66% rally less likely. That puts ETH’s $3,000 level at risk if sentiment around DATs faces deeper volatility.Final ThoughtsQ3 2025 saw BMNR add 2.44 million ETH (1,495% increase), fueling ETH’s 66.76% rally to $4,900. Q4 quiet; BMNR added 900k ETH (+33%), but ETH is down 26%, signaling potential catalyst fade.