BitMine Acquires $1.5B in ETH, Price Recovers

Key Insights:

BitMine purchased 379,271 ETH worth nearly $1.5B after last weekend’s massive liquidation, bringing its holdings to over 3 million ETH.

Tom Lee remains confident in Ether’s potential to outperform Bitcoin.

ETH trades above $4,000 with signs of recovery, but a break above $4,200 is needed to confirm bullish momentum.

BitMine Immersion Technologies has significantly increased its Ethereum holdings following last weekend’s historic liquidation event. On-chain trackers reveal the firm added 379,271 ETH in three separate waves totaling close to $1.5 billion.

The purchases came amid sharp market volatility, with 202,037 ETH bought after the initial crash, 104,336 ETH on Thursday, and 72,898 ETH on Saturday.

These additions have pushed BitMine’s Ether treasury to over 3 million ETH, valued at approximately $11.7 billion, giving it control of 2.5% of Ethereum’s total supply. BitMine’s long-term goal remains acquiring 5% of the total ETH supply, a target it has aggressively pursued since initiating accumulation in July when ETH hovered around $2,500.

Fundstrat’s Tom Lee, commenting during a conversation with ARK Invest’s Cathie Wood, remarked that the broader digital asset treasury (DAT) trend may have lost steam, but he continues to view Ether as the most promising asset in the sector.

He compared Ethereum’s potential to surpass Bitcoin with the way Wall Street eventually flipped gold for equities in the 1970s.

ETH Price Attempts Recovery As Bullish Momentum Builds

Ether is currently trading around $4,017, marking a cautious rebound from its recent dip toward $3,750. The price action has formed higher lows, suggesting early signs of trend reversal.

However, $4,100–$4,200 remains a critical resistance zone that needs to be reclaimed for stronger upward momentum.

Volume remains moderate at just over 307,000, signaling that buyers are gradually returning but not yet in full force. The Relative Strength Index (RSI) has climbed to 45.72, just above its 14-day average.

While this hints at strengthening momentum, the index remains below 50, signaling that the recovery is still fragile.

The MACD indicator supports this cautious optimism. Though both the MACD and signal lines are in negative territory, the narrowing histogram suggests that bearish pressure is beginning to ease.

A bullish crossover could occur if Ether maintains upward movement in the short term.

Immediate support is found at $3,910, while $3,750 serves as the key floor from the last drop.

On the upside, clearing $4,100 could open the path to $4,250, with a stronger push potentially targeting the $4,450 level.