BitMine Continues to Acquire Ether: Tom Lee Purchases $1.7 Billion
BitMine Immersion Technologies has been persistently purchasing Ether following a significant market downturn, with Tom Lee's firm investing heavily in ETH since the crash earlier this month.
BitMine Immersion Technologies has made its fourth purchase of Ether since the record liquidity flush on October 10. The company acquired $250 million in ETH from Bitgo and Kraken on Monday, according to Arkham Intelligence which noted, “These accounts match Bitmine’s prior acquisition pattern.”
“Will Tom Lee ever stop buying?”
(Translation: Tom Lee never stops acquiring.)
3.2 Million ETH Holdings
The wallets purchased 63,538 ETH this week and a staggering 379,271 ETH last week. This accumulation totals 442,809 ETH valued at approximately $1.74 billion since the market crash.
This aggressive dip buying, which Bitcoin treasuries have not mirrored, has increased BitMine’s total to around 3.17 million ETH; however, the company has yet to officially confirm the recent acquisitions.
This would represent about 2.6% of the total supply, with over 50% of the 5% target achieved.
🚀 From 163,000 ETH to 3.24 MILLION ETH in just 3 months. 🤯
Bitmine’s accumulation continues steadily week after week:
- July 14 — 163K
- Aug 10 — 1.15M
- Sept 14 — 2.15M
- Oct 19 — 3.24M 🔥
At this rate, they are projected to control 5% of all $ETH in the near future.
BitMine chairman Tom Lee expressed confidence that this is not the peak of the crypto cycle. “So I think we’re at the basement and working our way back up,” he told CNBC on Friday.
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Lee recently shared that BitMine will soon introduce its own Ethereum staking solution.
Coinbase is optimistic about the fourth-quarter momentum for crypto and the role of digital asset treasurys (DATs). “Considering the supply/demand dynamics, the influence of treasury companies on market trends this year cannot be overstated,” highlighted David Duong, head of research at Coinbase Institutional, in a recent report.
Ether Prices Retreat
The same market trend is apparent daily: Asia drives demand with buying, while America responds with selling, hindering consistent upward momentum.
Consequently, Ether prices have dipped below $4,000 again. ETH reached an intraday high of $4,080 on Monday morning, yet sustained selling pressure from the US market has driven it down to $3,940, its current trading price.
The asset has exhibited only minimal recovery from its October downturn and needs to surpass $4,000 and maintain above it for any substantial progress.
Ethereum’s weekly chart suggests a “monster move” is brewing following a double retest of the exponential moving average, as noted by analyst Merlijn the Trader, who added that a 70% increase occurred last time this pattern manifested.
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