Tom Lee and Whales Accumulate Altcoins Amid Bitcoin Dip

Bitcoin (BTC) pushed higher overnight, briefly breaking above $79,300 before pulling back to around $77,800. Over the past day, BTC was the only major cryptocurrency in the green, while most altcoins traded sideways or slipped slightly.

But the declines didn’t scare off big buyers. Bitmine, the largest institutional holder of Ethereum (ETH), appears to have added more ETH to its wallet. According to Lookonchain, three new wallet addresses, believed to be related to Bitmine, received about 100,000 ETH—worth roughly $233.7 million—from BitGo. It’s not officially confirmed these wallets belong to Bitmine, but the market seems to lean that way.

Whale Activity Picks Up

Another whale who sold 10,829 ETH three days ago at roughly $2,300 each decided to buy back 7,448 ETH today at around $2,350. That’s a large bet on ETH’s near-term strength, perhaps.

The action isn’t limited to ETH. One whale address, 0x9eC9, purchased 10.86 million chips (a specific token) worth $1.26 million from exchanges MEXC and Binance in the last 12 hours. Meanwhile, another whale with address 0x2Dc8 withdrew 800 billion PEPE tokens—worth $3.08 million—from Coinbase Prime. Interestingly, this same whale had withdrawn 600 billion PEPE eight months ago (worth $7.32 million at that time), so the latest move represents a loss of $5.04 million on the earlier position. That’s a painful reversal.

Broader Market Sentiment

Tom Lee, the well-known bull from Fundstrat, continues to quietly accumulate this altcoin, though details on which one remain sparse. The general takeaway is that while Bitcoin grabs headlines with its volatility, whales are positioning themselves in altcoins they see as undervalued. This isn’t investment advice—just what the on-chain data is showing.

Overall, the crypto market remains skittish. The brief BTC spike above $79,300 didn’t hold, and altcoins couldn’t sustain any momentum. But for large players, this seems like a buying opportunity, not a reason to flee. The coming days will tell if their patience pays off or if the selling pressure returns.

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