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The planet’s largest Ether digital asset reserve, BitMine, has allegedly taken advantage of the dip once more as ETH persists in declining from its August peak.
Tom Lee-chaired BitMine Immersion Technologies reportedly acquired an additional 104,336 Ether (ETH) valued at approximately $417 million on Thursday, based on onchain statistics.
In the last seven hours, three new wallets obtained the assets from Kraken and BitGo, reported Lookonchain. BitMine has not officially verified the transactions.
“In spite of the crypto market crash, Tom Lee still anticipates ETH will reach $10,000 by the end of the year,” they remarked.
Earlier in the week, Lee and BitMEX co-founder Arthur Hayes reaffirmed their prediction that Ether will achieve $10,000 in this year.
Blockchain analytics company Arkham concurred with the observations, noting that three new whale wallets recently acquired $75 million in ETH each. “The purchasing trends align with BitMine ETH procurements from BitGo,” they stated.
BitMine capitalized on the dip earlier this week after the weekend crypto market downturn. On Monday, the firm revealed it acquired 202,037 ETH tokens “in recent days,” seizing the opportunity amidst lower prices.
“The crypto liquidation seen in recent days prompted a price drop in ETH, which BitMine leveraged,” remarked Tom Lee at that moment.
DATs remain stoic
Digital asset treasuries, including BitMine, seem unfazed by the ongoing crypto market disruptions, seizing the chance to buy the dips.
BitMine has reached 50% of its treasury goal in just a matter of months, having amassed an impressive 3 million ETH, which equates to 2.5% of the total supply.
Related: Ether on track to go ‘nuclear’ with 3 active ‘supply vacuums’ — Analyst
Its holdings also account for half of the Ether amassed by all public corporate treasuries, which currently totals 5.9 million ETH, valued at $23.7 billion, according to StrategicEthReserve.
ETH downtrend intensifies
The dip buying occurs as Ether markets continue to decline.
ETH dropped to $3,945 during late trading on Wednesday, marking a 20% decrease from its August peak of $4,946.
It had regained some ground by the time of this writing, trading slightly above the crucial $4,000 mark.
Echoing chart patterns
Nonetheless, Tom Lee is among numerous experts and analysts who are optimistic that Ether will restart its bull run in the upcoming months.
“Ethereum is mirroring Bitcoin’s 2020-2021 rally,” commented analyst ‘Rekt Fencer’ before adding, “$15,000 for ETH is still possible this cycle.”
Meanwhile, market analyst ‘Crypto Bullet’ drew comparisons between chart patterns from Bitcoin (BTC) in 2024 and Ether in 2025, asserting that they are “precisely the same pattern,” while forecasting an Ether surge up to $6,000 to $7,000 this year.
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