{"id":37059,"date":"2025-10-21T06:07:23","date_gmt":"2025-10-21T06:07:23","guid":{"rendered":"https:\/\/financialrush.com\/?p=37059"},"modified":"2025-10-21T06:07:23","modified_gmt":"2025-10-21T06:07:23","slug":"bitmine-still-buying-the-dip-tom-lee-has-scooped-1-7b-eth-since-crash","status":"publish","type":"post","link":"https:\/\/financialrush.com\/?p=37059","title":{"rendered":"BitMine Still Buying The Dip, Tom Lee Has Scooped $1.7B ETH Since Crash"},"content":{"rendered":"

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BitMine Immersion Technologies has made its fourth purchase of Ether since the record liquidity flush on October 10.<\/p>\n

The company scooped up $250 million in ETH from Bitgo and Kraken on Monday, according<\/a> to Arkham Intelligence which said \u201cThese accounts match Bitmine\u2019s prior acquisition pattern.\u201d<\/p>\n

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\u201cWill Tom Lee ever stop buying?\u201d<\/p>\n<\/blockquote>\n

3.2 Million ETH Holdings<\/h2>\n

The wallets purchased 63,538 ETH this week and a whopping 379,271 ETH last week. This brings the total to 442,809 ETH worth around $1.74 billion at current prices purchased since the market crash.<\/p>\n

This aggressive dip buying<\/a>, which Bitcoin treasurys have not replicated, has pushed BitMine\u2019s total to around 3.17 million ETH, but the company has yet to confirm the most recent purchases officially.<\/p>\n

This would give it around 2.6% of the entire supply of the asset, and over 50% towards its target of 5%.<\/p>\n

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From 163,000 ETH to 3.24 MILLION ETH in just 3 months. \"\ud83e\udd2f\"<\/p>\n

Bitmine\u2019s accumulation is historic, week after week, they\u2019ve been loading the bags nonstop:<\/p>\n

July 14 \u2014 163K
\nAug 10 \u2014 1.15M
\nSept 14 \u2014 2.15M
\nOct 19 \u2014 3.24M \"\ud83d\udd25\"<\/p>\n

At this pace, they\u2019re on track to control 5% of all $ETH<\/a> in\u2026 pic.twitter.com\/skfLh9vQAi<\/a><\/p>\n

\u2014 BMNR Bullz (@BMNRBullz) October 20, 2025<\/a><\/p>\n<\/blockquote>\n

BitMine chairman Tom Lee is confident that this is not the top of the crypto cycle. \u201cSo I think we\u2019re at the basement and working our way back up,\u201d he told CNBC on Friday.<\/p>\n

Lee has also recently stated<\/a> that BitMine is preparing to roll out its own Ethereum staking solution very soon.<\/p>\n

Coinbase is also bullish about fourth quarter momentum for crypto markets and the influence of digital asset treasurys (DATs).<\/p>\n

\u201cLooking at the supply\/demand picture, it\u2019s hard to overstate the impact that digital asset treasury companies have had on markets this year,\u201d wrote<\/a> David Duong, head of research at Coinbase Institutional, in a recent research paper.<\/p>\n

Ether Prices Retreat<\/h2>\n

The same crypto market pattern has playing out daily: Asia pumps<\/a> markets with buying, and America dumps with selling, preventing any sustained upward momentum.<\/p>\n

As a result, Ether prices have fallen back below $4,000 again. ETH hit an intraday high of $4,080 in early trading on Monday, but sustained selling pressure on the US timezone pushed it back down to $3,940 where it currently trades.<\/p>\n

The asset has only seen a marginal recovery from its double dip in October and needs to clear $4,000, and stay above it, to see any real progress.<\/p>\n

Ethereum\u2019s weekly chart is \u201cloading a monster move\u201d with a double retest of the exponential moving average, observed<\/a> analyst \u2018Merlijn the Trader\u201d who added that it pumped 70% last time this was seen.<\/p>\n

The post BitMine Still Buying The Dip, Tom Lee Has Scooped $1.7B ETH Since Crash<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n