• BitMine added $45 million in Ethereum, with total holdings now at $7.19 billion and $1.9 billion in profits.
  • Ethereum’s network hits record highs in transactions and active users, with very low gas fees.
  • Strong scaling and investor confidence, like BitMine’s, point to a possible $5,500 ETH price target.

Tom Lee’s company, BitMine, just grabbed another $45 million worth of Ethereum, pushing their total stash to $7.19 billion. They’re sitting on $1.9 billion in profits they haven’t cashed out yet.

This comes as Ethereum’s network is going wild, with more transactions and active users than ever, and super low fees despite all the action.

Solid Gains and a Rising Network

According to Arkham, BitMine’s got about 1.518 million ETH, bought at an average of $3,492. Their latest pickup of 9,500 ETH at $4,735 isn’t in the green yet, but their earlier buys are racking up $1.9 billion in unrealized gains. It’s clear BitMine’s all in on Ethereum, betting it’s got a big future. XRP lawyer John Deaton’s on the same page, saying ETH could climb higher.

Meanwhile, Token Terminal’s data shows Ethereum’s Layer 1 is busier than ever, with record numbers of transactions and active addresses. The important part? Gas fees are near their lowest, even with all this traffic. That means Ethereum’s scaling fixes are working, letting people do more for less.

Some analysts are now watching a $5,500 price target for ETH because of this. BitMine’s massive investment and Ethereum’s strong network numbers show that big players are feeling good about where this coin’s headed for the long haul.