BitMine buys $29M in Ethereum as Kalshi traders lower odds of ETH hitting $5,000 to 34%, showing contrasting market sentiment.
BitMine has recently made a significant purchase of $29 million in Ethereum, acquiring 7,660 ETH. Despite this large institutional buy, Kalshi traders have lowered their odds of Ethereum reaching $5,000 by the end of the year to just 34%.
This shows a growing divide between institutional confidence and retail market sentiment. While institutional players remain optimistic about Ethereum’s future, retail traders are more cautious amid broader market uncertainties.
BitMine’s $29M Ethereum Purchase Signals Institutional Confidence
BitMine has made a bold move, purchasing 7,660 ETH worth about $29 million from Galaxy Digital. This purchase indicates continued institutional interest in Ethereum. Despite the recent downturn in retail sentiment, large players like BitMine are still targeting long-term gains. This is part of a broader trend where institutional investors continue to accumulate Ethereum, even as retail traders express caution.
According to Arkham data, Galaxy Digital transferred the Ethereum in two separate batches. The total value of these transactions was around $29 million, highlighting the growing institutional appetite for ETH. This is not the first large-scale purchase by BitMine, as the firm has previously made major Ethereum acquisitions.
While retail traders remain hesitant, institutional purchases may suggest confidence in Ethereum’s future. These large transactions could indicate a belief that Ethereum’s price will eventually rebound. This growing institutional interest may play a key role in supporting Ethereum’s price over the long term.
Kalshi Traders Lower Ethereum Price Odds to 34%
On Kalshi, a popular prediction market platform, traders have cut the odds of Ethereum reaching $5,000 by the end of 2023 to just 34%. This marks a significant drop from over 40% just a month ago. Retail sentiment has become more bearish due to concerns about broader economic factors and uncertainty in the crypto market.
The change in odds reflects growing doubts about Ethereum’s short-term performance. Much of this pessimism is linked to global economic conditions, including concerns over interest rates. Recently, Federal Reserve Chair Jerome Powell signaled that rate cuts this year are unlikely, which has dampened market enthusiasm.
While retail traders have turned cautious, analysts believe that Ethereum’s long-term prospects remain strong. Upcoming upgrades, including the Fusaka upgrade, are expected to boost Ethereum’s ecosystem. Institutional investors are still buying, which suggests a more positive outlook for the network in the coming months.
Analysts Predict Ethereum Price Rally Despite Retail Caution
Despite the bearish outlook from retail traders, analysts remain optimistic about Ethereum’s future. Ted Pillows, a market analyst, observed that institutional buyers are purchasing large amounts of Ethereum weekly. These purchases, often ranging from $200 million to $300 million, could help offset the cautious sentiment in the retail market.
Bitmine bought $29,280,000 in $ETH today.
They are consistently buying $200M-$300M in Ethereum each week.
We need a few more buyers like that, and ETH reversal could happen. pic.twitter.com/kql5FcO5Ee
— Ted (@TedPillows) November 1, 2025
Michaël van de Poppe, another prominent crypto analyst, shared a similar view. He believes that Ethereum’s ecosystem remains one of the strongest in the crypto space. Van de Poppe also noted that Ethereum could soon reach new highs above $5,000 as its layer-2 networks gain momentum.
The $ETH ecosystem is the best ecosystem to invest in, as I think that $ETH is on edge of having a new all-time high north of $5,000.
In that case, $ARB is at a cycle low, while making massive bullish divergences on the $BTC pair.
The bear market is almost over, and this is… pic.twitter.com/wXAuzL6OjI
— Michaël van de Poppe (@CryptoMichNL) October 31, 2025
The contrasting views between institutional buyers and retail traders suggest that Ethereum could see a price reversal soon. As more institutional capital enters the market, Ethereum’s price could rise, helping it recover from the current retail pullback. The continued support from large players indicates that Ethereum may still have significant upside potential in the near future.
