Ethereum: BitMine Holds 2.5% of Supply After Buying the Dip
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BitMine has reportedly added another 104,000 ETH worth around $417 million to its holdings as prices dropped roughly 20% from their August peak.
Onchain data shows three new wallets receiving the funds from Kraken and BitGo, consistent with BitMine’s accumulation patterns. The company, led by Tom Lee, has not confirmed the transactions.
Earlier this week, BitMine revealed a separate purchase of 202,000 ETH following a market sell-off, saying it took advantage of lower prices. With these acquisitions, the firm now controls about 3 million Ethereum – nearly 2.5% of the total supply – achieving half of its treasury target within a few months.
Lee and other analysts remain bullish, maintaining that Ethereum could still reach $10,000 by year-end. Blockchain intelligence firm Arkham and others have noted similar whale activity, indicating growing confidence among large investors.
ETH has fallen to around $3,945, a 20% decline from its August high of $4,946, but it continues to hover just above $4,000. Some analysts liken its current trajectory to Bitcoin’s 2020–2021 rally, predicting a rebound toward $6,000–$7,000 if market sentiment improves.
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