BitMine adds 40,718 ETH, holdings top 3.4M; Lee eyes $7,000
BitMine has boosted its Ethereum holdings to over 3.39 million ETH (2.8% of circulating supply) following a $137 million purchase of 40,718 ETH on Coinbase Prime and FalconX, plus 6,000 ETH via Galaxy Digital. Arkham Intelligence data show no wallet deposits in 119 days, yet total exchange withdrawals reached $12.83 billion through FalconX and Kraken. Amid recent market volatility and a 3.5% dip in ETH price to $3,312, Wall Street veteran Tom Lee predicts Ethereum will hit $7,000 by year-end while Bitcoin could reach $150,000–200,000. This significant institutional accumulation underscores strong institutional confidence in Ethereum’s long-term prospects and may offer short-term price support and momentum for future bullish trends.
Bullish
BitMine’s substantial Ethereum accumulation—totaling over 3.39 million ETH—signals strong institutional confidence and typically precedes price recoveries, providing immediate support amid recent volatility. The large-scale buy and significant exchange withdrawals reduce circulating supply, which can tighten liquidity and boost pricing pressure in the short term. Tom Lee’s bullish price targets and continued network upgrades further reinforce a positive long-term outlook, suggesting sustained momentum and potential upside for Ethereum.