Tom Lee’s BitMine has bought one other $281 million of ETH, taking the idea of ‘shopping for the dip’ to a complete new stage. When the market offered off, BitMine gathered. The corporate’s whole Ethereum holdings now exceed 3.03 million ETH, roughly 2.5% of the total provide, valued at round $12.9 billion.
Blockchain analytics from Lookonchain exhibits further BitMine-linked wallets receiving over 72,000 ETH ($281 million) in transfers from FalconX and BitGo this week, reinforcing what’s trying like a coordinated technique by the agency and different OTC desks to construct positions into weak point.
Whales are again on the hunt
BitMine shouldn’t be alone in its conviction. Analysts at WhaleMap and Arkham note that different massive traders and establishments have been steadily accumulating Ethereum since early October, with greater than 400,000 ETH flowing from exchanges into chilly wallets.
Change reserves have fallen to a three-year low, suggesting that enormous gamers proceed to carry long-term positions slightly than commerce short-term volatility. In keeping with on-chain information, cumulative institutional holdings throughout company treasuries and Ethereum ETFs now exceed 12.8 million ETH, over 10% of the full provide.
Tom Lee stays one of many market’s most outstanding Ethereum bulls. He not too long ago reaffirmed his prediction that ETH may attain between $12,000 and $15,000 by the top of 2025, citing Ethereum’s increasing function in tokenization, decentralized finance, and AI-driven infrastructure.
His bullish case rests on liquidity dynamics: as charges fall and threat urge for food returns, Ethereum’s utility and burn charge may push it into a real provide squeeze. Lee describes this section as “actual value discovery,” not hypothesis. In parallel, former BitMEX CEO Arthur Hayes has additionally doubled down, forecasting that Ethereum may attain $10,000 earlier than the top of the yr as macro headwinds ease and DeFi exercise rebounds.
BitMine is strategically buying ETH
The timing of those buys shouldn’t be misplaced available on the market. BitMine’s October accumulation adopted a pointy correction that worn out greater than $19 billion in leveraged positions throughout crypto. Ethereum briefly sank beneath $3,800 earlier than rebounding above $4,100. BitMine’s strategic purchases helped regular confidence throughout these unstable classes. As crypto investor Ted Pillows commented:
“Bitmine purchased $279,640,000 in $ETH at present. Massive gamers are accumulating Ethereum.”
Behind the numbers, there’s a deeper narrative: institutional actors seem like positioning for Ethereum’s subsequent progress section. With stablecoin settlement volumes on Ethereum surpassing $5 trillion within the third quarter (an all-time excessive), the community’s dominance as a settlement layer stays unchallenged.
For long-term traders like BitMine, that is much less about timing the market and extra about accumulating the infrastructure layer of a brand new monetary system. On this context, every dip turns into a reduction slightly than a deterrent.
