The world’s largest Ether (ETH) treasury, BitMine, has reportedly bought the dip once again as ETH continues to slide from its August all-time high.
According to on-chain data, BitMine Immersion Technologies, chaired by Tom Lee, acquired an additional 104,336 ETH—worth roughly $417 million—on Thursday. Over the past seven hours, three new wallets reportedly received the assets from Kraken and BitGo, per Lookonchain, although BitMine has not publicly confirmed the transactions.
“Despite the crypto market downturn, Tom Lee continues to predict that ETH will reach $10,000 by year-end,” Lookonchain noted. Earlier this week, Lee, along with BitMEX co-founder Arthur Hayes, reiterated their $10,000 ETH forecast for 2025.
Blockchain intelligence firm Arkham corroborated the activity, reporting that three new whale wallets each acquired $75 million in ETH, with acquisition patterns matching previous BitMine purchases from BitGo.
This marks BitMine’s second dip-buying spree this week, following a weekend crypto market rout. On Monday, the firm announced it had acquired 202,037 ETH over several days, taking advantage of lower prices.
“The recent crypto liquidation triggered a decline in ETH, which BitMine capitalized on,” Lee said at the time.
Digital asset treasuries (DATs), including BitMine, appear undeterred by recent crypto market turbulence, taking advantage of lower prices to buy the dip.
In just a few months, BitMine has already reached 50% of its treasury target, accumulating an impressive 3 million ETH—roughly 2.5% of the total supply. Its holdings also account for half of all Ether held by public corporate treasuries, which currently total 5.9 million ETH, worth $23.7 billion, according to StrategicEthReserve.
ETH downtrend deepens
The dip buying comes amid continued weakness in Ether markets. ETH dropped to $3,945 in late trading on Wednesday, marking a 20% decline from its August all-time high of $4,946. At the time of writing, it had recovered slightly, trading just above the key $4,000 level.
Mirroring chart patterns
Despite the downtrend, Tom Lee and other analysts remain confident that ETH will resume its bull run in the coming months.
“Ethereum is following Bitcoin’s 2020–2021 trajectory,” said analyst Rekt Fencer, adding that “$15,000 for ETH is still on the table this cycle.”
Meanwhile, market analyst Crypto Bullet compared Bitcoin’s 2024 chart patterns to Ether’s in 2025, noting they are “exactly the same,” and predicted a potential ETH surge to $6,000–$7,000 this year.
