Tom Lee’s BitMine Extends Ethereum Bet With $200 Million in Two Days
BitMine expanded its Ethereum holdings this week with almost $200 million in recent purchases, deepening its lead as the most important single holder of the asset.
The transfer comes as ETH trades close to a one-month low and follows a interval of regular distribution by medium-sized wallets, in response to on-chain information.
BitMine’s Acquisition Comes Amid Smaller ETH Holders Offload
Lookonchain, citing Arkham Intelligence, reported that BitMine purchased 22,676 ETH from BitGo on December 6 for about $68.7 million. The transaction suggests a median buy worth of roughly $3,028 per token.
Notably, the agency had already acquired 41,946 ETH a day earlier from FalconX and BitGo for about $130.8 million.
These offers construct on BitMine’s disclosure final week that it held 3.73 million ETH as of November 30. At present costs, the stash is value greater than $11 billion.
BitMine additionally reported holdings of 192 BTC, a $36 million place in Eightco Holdings, and $882 million in money.
Strategy ETH Reserve data reveals the corporate now holds more ETH than its subsequent 5 friends mixed, together with SharpLink and the Ethereum Foundation.
The scale of its treasury locations BitMine because the second-largest company crypto holder by worth, behind solely Michael Saylor-led Strategy, the largest corporate holder of Bitcoin.
The newest purchases come throughout a delicate stretch for ETH. BeInCrypto information reveals the token has fallen more than 10% over the past month to about $3,027.
Alphractal’s Ethereum Accumulation Heatmap signifies that wallets holding 1 to 10,000 ETH offered closely close to this cycle’s latest peak. Those addresses proceed to dump tokens, including strain to the market.
However, bigger whales with greater than 10,000 ETH have proven restricted exercise, with gentle distribution however no sturdy accumulation.
Despite the weak point, a number of analysts preserve a bullish long-term view.
Fundstrat CEO and BitMine Chair Tom Lee mentioned Ethereum may attain $12,000 if Bitcoin climbs to $250,000, citing the historic relationship between each belongings and growing demand for tokenized real-world assets.
He added that ETH may rise as high as $62,000 if its valuation ratio to Bitcoin expands over time.
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