BitMine Buys $21M in ETH Holdings at 1.72M, Lee Sees Bottom
Fundstrat’s Tom Lee suggested Ether (ETH) may have reached a short-term bottom near $4,300 after a market-wide sell-off. During the dip, BitMine Immersion Technologies purchased 4,871 ETH (about $21.3 million), lifting its corporate treasury to 1.72 million ETH (approx. $7.5 billion). This move highlights growing corporate accumulation, with BitMine now holding 40% of corporate-held ETH. Ether fell over 7% intra-session, driven by a broader $200 billion crypto market liquidation triggered by Bitcoin’s seven-week low. Fundstrat analysts project upside targets above $5,100 if support holds. Corporate ETH treasuries, led by BitMine, tighten available supply, potentially amplifying price rebounds and volatility. Traders should monitor on-chain flows and liquidity metrics as large-scale treasury buys by firms like BitMine and MicroStrategy continue. The combination of technical risk-reward signals and persistent corporate demand may underpin Ether price stability in the near term.
Bullish
This news is bullish because large-scale corporate accumulation by BitMine reduces available ETH supply, a dynamic that historically precedes price rebounds. Tom Lee’s technical call for an Ether bottom around $4,300 adds credibility, mirroring past events where institutional buys at market troughs helped reverse downward trends. The combination of on-chain treasury inflows and a favorable risk/reward setup suggests stronger support levels and potential upside above $5,100. In the short term, traders may see reduced selling pressure and increased volatility around key price points; in the long term, sustained corporate demand could underpin a structural tightening of supply, enhancing Ether’s resilience against market liquidations.