BitMine Immersion Technologies has made its fourth purchase of Ether since the record liquidity flush on October 10. On Monday, the company acquired $250 million worth of ETH from Bitgo and Kraken, according to Arkham Intelligence, which noted, “These accounts match BitMine’s prior acquisition pattern.”
### Growing ETH Holdings
This week, BitMine’s wallets purchased 63,538 ETH, following a massive buy of 379,271 ETH last week. This brings the total to 442,809 ETH, valued at approximately $1.74 billion at current prices, accumulated since the market crash. This aggressive dip buying strategy—unlike any similar movement in Bitcoin treasuries—has pushed BitMine’s total holdings to around 3.17 million ETH.
While the company has yet to officially confirm these latest purchases, if accurate, this represents about 2.6% of the entire Ethereum supply and over 50% progress toward its target of owning 5% of the asset.
### Tom Lee’s Confidence in Crypto’s Future
BitMine chairman Tom Lee remains optimistic about the market’s trajectory. “So I think we’re at the basement and working our way back up,” he told CNBC on Friday. Lee has also revealed that BitMine is preparing to launch its own Ethereum staking solution very soon.
### Market Outlook and Industry Sentiment
Coinbase shares a bullish outlook for the fourth quarter momentum in crypto markets and highlights the role of Digital Asset Treasurys (DATs). David Duong, head of research at Coinbase Institutional, emphasized in a recent paper, “Looking at the supply/demand picture, it’s hard to overstate the impact that digital asset treasury companies have had on markets this year.”
### Ether Prices Retreat Amid Market Fluctuations
Despite these positive developments, Ether prices have faced downward pressure. A recurring pattern has emerged where Asian markets pump buying activity, only for American markets to respond with selling, preventing sustained upward momentum.
On Monday, ETH reached an intraday high of $4,080 during early trading but fell back to $3,940 due to selling pressure in the US trading session. The asset has seen only marginal recovery following its double dip in October and needs to clear—and maintain—a price above $4,000 to signal meaningful progress.
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https://cryptopotato.com/bitmine-still-buying-the-dip-tom-lee-has-scooped-1-7b-eth-since-crash/