Tom Lee’s BitMine Accumulates 67,886–138,452 ETH in December, Signalling Renewed Institutional Interest
BitMine, a treasury firm linked to Tom Lee, expanded its Ethereum accumulation through large on‑chain purchases in late December. LookIntoChain, COINOTAG and other trackers report a 24‑hour buy of 67,886 ETH (~$201M) on Dec. 24, while earlier reports show heavy December accumulation including 138,452 ETH in the first week and two‑day buys of 42,874 ETH (~$128.7M) on Dec. 22–23. Lookonchain traced some transfers to custodians BitGo and Kraken. BitMine’s reported aggregate holdings now exceed ~4.06M ETH and the firm states total crypto and cash assets top $13.2B. U.S. spot ETH ETFs saw net inflows of $84.6M on Dec. 22 (led by Grayscale products), ending a streak of outflows. Despite sizable institutional buys, ETH price remained muted near $2,960 amid volatility. Traders should monitor on‑chain wallet clustering, transfer velocity, ETF flows, order‑book depth and exchange liquidity for potential short‑term liquidity shocks or sentiment shifts. Primary keywords: BitMine, ETH accumulation, Tom Lee, spot Ethereum ETF, institutional buying.
Bullish
Large on‑chain purchases by a single treasury like BitMine represent meaningful demand for ETH and are a classic bullish signal for supply concentration and longer‑term holder conviction. The December buying spree (67,886 ETH in 24 hours and earlier 138,452 ETH) plus reported holdings of ~4.06M ETH and positive U.S. spot ETF inflows indicate fresh institutional capital entering or rotating into Ethereum. These flows can tighten exchange liquidity and increase short‑term upside potential, especially if buys are accompanied by transfers off exchanges to custody. However, immediate price reaction has been muted amid broader market volatility, meaning short‑term squeezes depend on order‑book depth, liquidation dynamics and additional incoming demand. Overall, for ETH price itself the net effect is bullish: it improves demand/supply balance and may support upward pressure over weeks to months while intraday moves remain unpredictable.