Yeliz Akmaca 
Ethereum (ETH) has fallen 20% from its August peak, but digital asset giant BitMine appears to be buying the dip. Onchain data shows that the company purchased 104,336 ETH worth about $417 million on Thursday. With this move, BitMine’s treasury now holds over 2.5% of the total Ethereum supply.
BitMine Adds 104K ETH Amid Market Weakness
Led by Tom Lee, BitMine Immersion Technologies treated the recent price correction as a strategic opportunity. According to Lookonchain, three new wallets accumulated assets from Kraken and BitGo within the past seven hours.
Blockchain intelligence firm Arkham confirmed that each wallet bought roughly $75 million worth of ETH, matching BitMine’s previous buying patterns on BitGo.
Although BitMine has not yet publicly confirmed the transactions, the similarity of wallet activity has once again drawn attention from the crypto market.
Treasury Surpasses 3 Million ETH
Earlier this week, BitMine also disclosed another large accumulation — 202,037 ETH purchased during the recent market dip. At that time, Tom Lee stated: “The crypto liquidation over the past few days pushed ETH prices lower, and BitMine took advantage of this pullback.”
BitMine’s total treasury has now surpassed 3 million ETH, representing half of all Ethereum held by public corporate treasuries. According to StrategicEthReserve, the combined corporate ETH reserves have reached 5.9 million ETH, valued at approximately $23.7 billion.
ETH Price Outlook and Analyst Expectations
ETH briefly dropped to $3,945 on Wednesday night, marking a 20% decline from its all-time high of $4,946. At press time, it had slightly recovered, trading just above $4,000.
Despite the decline, analysts remain optimistic. Tom Lee and BitMEX co-founder Arthur Hayes both reiterated their predictions that Ethereum could reach $10,000 by year’s end.
Crypto analyst Rekt Fencer commented, “Ethereum is mirroring Bitcoin’s 2020–2021 market structure,” adding that “$15,000 ETH is still on the table this cycle.” Meanwhile, Crypto Bullet compared Bitcoin’s 2024 chart patterns to Ether’s 2025 structure, suggesting ETH could reach $6,000–$7,000 later this year.
Institutional accumulation continues to strengthen market confidence as major digital asset treasuries like BitMine keep buying the dip.
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