Tom Lee’s crypto firm BitMine has purchased another huge amount of Ethereum, adding close to $84 million worth of ETH over the last 24 hours. The transaction further solidifies it as the largest public holder of Ethereum, with over 2.15 million ETH held in its treasury.
New ETH Acquisitions Amid Market Decline
Blockchain monitoring platform Arkham indicates that BitMine initially purchased 4,428 ETH from Galaxy Digital’s OTC desk before making four additional transfers of a total of 14,302 ETH.
The latest round of purchases follows just days after the company confirmed its enormous Ethereum holdings, which significantly surpass other firms such as SharpLink Gaming.
The timing is significant, as the crypto space has been under stress since its fleeting rally after the U.S. Federal Reserve’s recent rate cut. Ethereum momentarily rose above $4,600, but has since fallen back towards the $4,500 support area.
Analysts caution that selling pressure from whales with high unrealized gains may bear down on price action in the short term.
Despite short-term weakness, some analysts think Ethereum may be ready to retest its all-time highs soon. Crypto commentator Doomer likened BitMine and SharpLink’s accumulation patterns to Michael Saylor’s famous Bitcoin approach, indicating that their ongoing accumulation is an early indication of a bigger move up.
He proposed that Ethereum is still undervalued and expects it to surpass $5,000 in the months to come, likely going up even higher should buying momentum prevail.
Iko, another analyst, pointed out that Ethereum’s present price movement in the 4-hour chart is similar to a Falling Wedge, which tends to produce a breakout.
Should bulls get grip and volume increase, ETH may target the $5,000 level, with the last quarter of 2025 a turning point that might come into play.
Source: https://thenewscrypto.com/bitmine-buys-84m-in-ethereum-as-analysts-eye-5k-rally/