Fundstrat’s Tom Lee made his boldest Ethereum prediction yet, calling for Ether’s bottom to arrive within hours as BitMine Immersion Technologies purchased another $21.28 million worth of ETH, adding 4,871 tokens to bring holdings to 1.72 million ETH valued at $7.65 billion.
Lee’s prediction emerged through Mark Newton’s technical analysis, suggesting a constructive correction before a rally toward new highs near $5,100.
The forecast follows Lee’s previous accurate call on August 19, when he correctly predicted Ethereum’s temporary decline to the $4,075-$4,150 range before recovery.
During that time, BitMine has secured its position as the world’s largest Ethereum corporate treasury after aggressive accumulation since late June.
Source: Strategic ETH Reserve
The Delaware-based firm disclosed total crypto and cash holdings of $8.82 billion following a $2.2 billion accumulation spree in a single week, ranking second among global crypto treasuries behind only MicroStrategy’s Bitcoin reserves.
The institutional buying wave extends beyond BitMine, with BlackRock purchasing $314.9 million worth of Ethereum while simultaneously reducing Bitcoin positions.
Corporate Ethereum holdings surged 127% in July to 2.7 million ETH worth $11.6 billion, with 70 entities now controlling 4.3 million ETH representing 3.6% of the total supply.
BlackRock accelerated Ethereum accumulation 15 times faster than Bitcoin over the past 30 days, with ETH holdings growing 65% compared to just 4% Bitcoin growth.
The asset management giant’s strategic shift coincides with Ethereum ETFs amassing 6.5 million ETH through sustained daily inflows approaching 80,000 tokens.
Bitcoin whale activity supports the rotation narrative, with one major holder purchasing $128.32 million worth of Ethereum while reducing Bitcoin exposure.
The trend extends to political figures, with Trump reportedly adding $8.6 million in ETH alongside $10 million in Bitcoin.
Corporate competition intensified as BitMine filed for an additional $20 billion at-the-market equity offering expansion, boosting total stock sale capacity to $24.5 billion.
The proceeds target further ETH acquisitions as the company pursues acquiring 5% of Ethereum’s total supply, approximately six million tokens worth $22 billion.
Whale demand accelerated throughout August, driving a 25% monthly rally that outpaced Bitcoin’s 5.3% decline.
CryptoQuant CME data shows Ethereum futures open interest rising alongside price gains, while Bitcoin’s recent highs lack similar institutional participation signals.
