Bitmine has purchased 100,000 Ethereum (ETH) for $233.7 million, highlighting a surge in institutional interest in the cryptocurrency. This acquisition, executed through three wallets receiving tokens from BitGo, increases Bitmine's total ETH holdings to 4.9 million, valued at $11.5 billion. Despite recent market weakness, Bitmine's holdings have decreased by 36%, resulting in an unrealized loss of $6.3 billion. The purchase comes as Ethereum maintains a price above $2,000 for 12 consecutive days, trading at $2,340, down 2.02% on the daily charts. Institutional demand, particularly from U.S. investors, remains strong, as evidenced by the elevated Coinbase Premium Index. Ethereum Spot ETFs have also seen bullish activity, with net inflows since April 9 totaling $43 million, despite a decline in total net assets from $14.2 billion to $13.6 billion. This sustained demand could potentially drive ETH prices towards $2,570 if the trend continues.