Explore the significant influence of Digital Asset Treasuries (DATs) on Ethereum's market performance, with BitMine (BMNR) emerging as a central player in driving and subsequently questioning its recent rallies.
BitMine: The Driving Force Behind Ethereum's Q3 Surge
In Q3 2025, Ethereum's price soared to $4,900, marking a 66.76% gain, primarily fueled by institutional demand for Digital Asset Treasuries (DATs). BitMine (BMNR) spearheaded this surge, accumulating a staggering 2.44 million ETH—a 1,495% increase—over just three months. This massive acquisition boosted BMNR’s own stock profile by 45%, reflecting strong market confidence and solidifying its role as ETH's leading catalyst during this period.
Shifting Sentiment and Q4 Divergence
Despite BitMine's continued conviction, adding another 900,000 ETH to its treasury in Q4 (a 33% jump), Ethereum's market performance has diverged sharply. ETH is down 26% for the quarter, even as BMNR's total ETH stake reached 3.7 million. This "DAT sentiment divergence" raises concerns about the fading influence of its largest catalyst. If this trend persists, Ethereum's critical $3,000 support level could be at risk, making a repeat of its robust Q3 rally unlikely.
