BitMine Adds Nearly $200M in ETH as Market Tests Key Support

BitMine has expanded its already enormous Ethereum treasury with another wave of buying - roughly $200 million worth of ETH accumulated over a two-day span.

Blockchain data shows two large transfers tied to the firm, one routed through BitGo and another through FalconX, totaling more than 64,000 ETH. The most recent purchase, about 23,000 tokens on December 6, was priced just above $3,000.

Those inflows come on top of the 3.73 million ETH BitMine reported holding at the end of November, a stockpile now valued at more than $11 billion. Aside from Ether, the company maintains positions in Bitcoin, Eightco Holdings, and close to $1 billion in cash. Among corporations, its crypto footprint is second in size only to MicroStrategy.

While BitMine adds aggressively, the rest of the market is far less decisive. Mid-sized wallets have been selling into Ethereum’s pullback, and larger whales have barely moved. That leaves BitMine as the only major entity accumulating into what has otherwise been a hesitant market.

ETH’s technical picture reflects that hesitation. Price sits near $3,000 after a month of steady decline, with RSI and MACD both signaling neutrality rather than trend strength. Compression on the charts shows ETH coiling near a zone where buyers and sellers are evenly matched.

Analysts are now focused on a single line in the sand: $2,600. Market technician Merlijn sees this level as the dividing point between recovery and breakdown. A hold could spark a rebound; a clean break could expose the path toward $1,500. In that sense, BitMine’s buying spree could either prove exceptionally well-timed – or early by several weeks.

Despite the uncertainty, long-term bulls remain unfazed. Tom Lee of Fundstrat, who also chairs BitMine, argues that ETH has far higher potential if Bitcoin continues its march upward and tokenization demand grows. His long-range projections imagine ETH above $12,000 if BTC reaches $250,000, and significantly beyond that under stronger valuation dynamics.

For now, Ethereum stands at a crossroads: technical weakness on one side, a major institutional buyer on the other, and a critical support level that will likely determine which narrative wins first.