Bitmine boosts Ethereum buys as “crypto winter” may end
Bitmine, the largest Ethereum treasury firm, scaled its holdings to 4.97M ETH (about 4.12% of circulating supply) and is nearing its 5% target. The key catalyst is acceleration in Ethereum demand: Bitmine bought 101,627 ETH, its biggest bid since December 2025—up 41% versus the prior week.
In early April, it purchased 71.3K ETH (week 1) and 71.9K ETH (week 2). The pace also rose versus late March (65.3K ETH), signaling stronger institutional accumulation of Ethereum.
Tom Lee (chairman) framed this as evidence that a “mini-crypto winter” is close to ending. He linked ETH’s rebound to improving U.S. equity conditions and fading downside tail risks tied to the U.S.–Iran situation. Lee noted ETH is about +41% from February lows, and since February ETH rallied from ~$1.74K toward the 2026 peak of $2.46K, with ETH recently trading around ~$2.31K.
On-chain data from Realized Price Bands suggests Ethereum is in a pivotal zone. Traders’ cost basis levels matter: ETH is attempting to reclaim the realized price area around $2,300. Historically, holding that realized-price support tends to coincide with follow-through higher; losing it could raise odds of a move toward the lower band around $1.15K.
For Ethereum traders, the near-term watch is whether ETH holds ~$2,300 (support) as Bitmine’s buying momentum continues. If support breaks, risk of a deeper pullback increases despite the bullish narrative.
Bullish
Bitmine’s accelerated Ethereum purchases (101,627 ETH in the biggest bid since December, +41% WoW) provide a direct “demand-side” signal that can support price. This aligns with the article’s on-chain view: ETH is attempting to reclaim the realized price area around $2,300. In prior cycle dynamics, regained realized-price support has often preceded higher moves, while losing it has tended to trigger larger sweeps toward lower bands.
Short-term, the market may react by testing the $2,300 support and positioning for continuation if realized-price reclaim holds. Traders will likely use that level as a near-term pivot: sustained buying flows plus support retention can amplify momentum.
Long-term, if the “mini-crypto winter is ending” thesis holds—especially with improving macro correlation to equities—ETH could see a more durable recovery rather than a one-off bounce. However, the downside scenario still matters: if risk-off returns (or ETH fails to defend realized support), the lower-band target (~$1,150) becomes a credible magnet, potentially turning bullish positioning into a drawdown. Overall, the immediate accumulation + key support attempt skews the balance bullish.