The world’s largest Ether (ETH) digital asset treasury, BitMine, has reportedly bought the dip again as ETH continues to retreat from its August all-time high.
Tom Lee-chaired BitMine Immersion Technologies reportedly scooped up a further 104,336 Ether worth around $417 million on Thursday, according to onchain data.
Over the past seven hours, three new wallets received the assets from Kraken and BitGo, Lookonchain reported. BitMine has not publicly confirmed the transactions.
“Despite the crypto market crash, Tom Lee still predicts ETH will hit $10,000 by year-end,” Lookonchain added.
Earlier this week, Lee and BitMEX co-founder Arthur Hayes doubled down on their prediction that Ether will hit $10,000 this year.
Blockchain intelligence firm Arkham agreed with the findings, stating that three new whale wallets just acquired $75 million in ETH each. “The acquisition patterns match BitMine ETH acquisitions from BitGo,” they said.
Cointelegraph contacted BitMine for confirmation of the purchase but did not receive an immediate response.
BitMine bought the dip earlier this week following the weekend crypto market rout. On Monday, the firm announced that it acquired 202,037 ETH tokens “over the past few days,” taking advantage of the lower prices.
“The crypto liquidation over the past few days created a price decline in ETH, which BitMine took advantage of,” said Tom Lee at the time.
BitMine associated Ether transactions. Source: ArkhamDATs remain unfazed
Digital asset treasuries, such as BitMine, appear to be unfazed by the recent crypto market turmoil, using the opportunity to buy the dips.
BitMine has now reached 50% of its treasury target in just a few months, having accumulated a whopping 3 million ETH, equivalent to 2.5% of the entire supply.
Related: Ether set to go ‘nuclear’ with 3 active ‘supply vacuums’ — Analyst
Its holdings also represent half of the Ether accumulated by all public corporate treasuries, which currently stands at 5.9 million ETH, worth $23.7 billion, according to StrategicEthReserve.
ETH down trend deepens
The dip buying comes as Ether markets continue to trend downward.
ETH fell to $3,945 in late trading on Wednesday, representing a 20% decline from its August all-time high of $4,946.
It had regained a little composure at the time of writing, trading just above the psychological $4,000 level.
Mirroring chart patterns
However, Lee is among many experts and analysts who are confident that Ether will resume its bull run over the next couple of months.
“Ethereum is copying Bitcoin’s 2020-2021 run,” said analyst “Rekt Fencer,” who added that “$15,000 for ETH is still on the table this cycle.”
Meanwhile, market analyst “Crypto Bullet” compared chart patterns from Bitcoin (BTC) in 2024 to Ether in 2025, stating that they are “exactly the same pattern,” before predicting an Ether move up to $6,000 to $7,000 this year.
ETH price action looks uncannily similar to Bitcoin’s last year: Source Crypto BulletMagazine: Ethereum’s roadmap to 10,000 TPS using ZK tech: Dummies’ guide
Source: https://cointelegraph.com/news/bitmine-appears-buy-the-dip-while-eth-down-from-peak?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
