Ethereum experienced significant market turbulence between September 22 and 23, 2025, with $375 million in liquidations and a 7% decline in weekly price. In response, Tether injected $1 billion USDT into the Ethereum market, a move that could stabilize prices or potentially trigger a short squeeze. In a notable development, BitMine acquired 264,378 ETH, raising $1.28 billion to expand its holdings, indicating a surge in institutional interest. Market participants are closely watching ETH/BTC flows, liquidity metrics, and exchange balances for early indicators of market direction.