Bitmine Overtakes BlackRock as Top Ethereum (ETH) Holder
Bitmine, the mining and investment arm linked to Fundstrat’s Tom Lee, has added 63,123 ETH in the past week, bringing its total holdings to 3.623 million ETH (around $9.96 billion). This acquisition surpasses BlackRock’s iShares Ethereum Trust, which now holds 3.605 million ETH after a one-day outflow of 43,237 ETH. On-chain data also highlights aggressive whale accumulation: address 0xe5c withdrew 90,690 ETH from Binance and borrowed $627 million from Aave to fund further purchases. Another whale added 7,837 ETH, while leveraged traders opened a 20x long position on 16,366 ETH. Despite Ethereum’s price sliding 44.7% from its $4,995 all-time high to the mid-$2,700s and breaking key support on a falling wedge pattern, sustained ETH accumulation by large holders often precedes market recoveries. Short-term volatility may continue amid ETF outflows and technical pressures, but renewed whale conviction suggests a potential bullish reversal.
Bullish
Heavy accumulation by large holders has historically signaled bullish reversals after steep corrections. In this case, Bitmine’s purchase of over 63,000 ETH to reach 3.623 million ETH overtakes BlackRock’s holdings. Simultaneously, whale wallets are withdrawing and borrowing significant capital to amass additional ETH despite a 44.7% slide from the all-time high and a breakdown of a falling wedge support. Similar past events—such as the renewed whale accumulation preceding the late-2020 and mid-2023 Ethereum rallies—demonstrate that sustained buying by institutions and whales often marks the foundation for medium- to long-term uptrends. While short-term volatility may persist due to ETF outflows and technical sell signals, the concentration of ETH in strong hands supports a bullish outlook for market stability and recovery.