Quick overview

Live ETH/USD Chart

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BitMine purchased an additional 28,650 ETH, bringing its total Ethereum holdings to 1,174 million.

According to Arkham’s blockchain data, the transaction was completed using over-the-counter (OTC) addresses before being transferred to BitMine’s WalletSimple storage system. Despite the market crash today, BitMine’s aggressive purchasing of ETH signifies a strong long-term belief in the value of Ethereum.

Tom Lee, one of the most optimistic analysts in the cryptocurrency space, is expanding BitMine’s ETH portfolio by capitalizing on the recent dip in cryptocurrency prices. This behavior is similar to past patterns of institutional accumulation, where large buyers acquire assets during temporary price declines. On-chain transaction data confirms multiple such activities.

The broader crypto market has also experienced a surge in “buy the dip” sentiment, especially among major players.

Whale activity has increased significantly, and  Ethereum holdings have been growing steadily

Some analysts compare Ethereum’s trajectory to Bitcoin’s, with Tom Lee suggesting that Ethereum could potentially see a 100x price increase similar to Bitcoin’s historic growth. While these projections are speculative, they highlight the growing optimism about Ethereum’s long-term prospects.

The short-term outlook remains cautious despite this confidence. Some traders expect a possible price correction to around $2,400, viewing it as a better entry point. However, the recent accumulation by firms like BitMine signals institutional confidence in Ethereum’s resilience and future value. The market continues to monitor whale activity and institutional investments that could influence Ethereum’s next phase of price movement.