Bitmine, the investment firm chaired by prominent crypto strategist Tom Lee, has executed another major Ethereum acquisition. The latest purchase reinforces the company’s reputation as one of the most aggressive institutional ETH accumulators amid fragile market sentiment.
Bitmine Scoops Up Nearly 35,000 ETH
Blockchain tracker Lookonchain has reported a new high-value transaction by Bitmine, revealing that the firm added 34,954 ETH worth $105.5 million to its already massive Ethereum reserves.
According to the on-chain sleuth, Bitmine executed the accumulation in two separate transactions: the firm first acquired 20,000 ETH, worth $60.71 million, via Kraken, and then followed up with a second purchase of 14,954 ETH, worth $44.82 million, through BitGo just hours later.
Meanwhile, this latest buy comes shortly after Bitmine staked another 86,848 ETH valued at $277.5 million, reflecting the company’s rapidly expanding and highly coordinated staking strategy. With this move, Bitmine’s total staked balance has surpassed 1.7 million ETH, representing nearly half of its total Ethereum holdings, which have now climbed to almost 4.2 million ETH following the latest acquisition. Analysts say the firm’s rapid accumulation reflects strong long-term conviction in Ethereum’s fundamentals.
Whales and Institutions Join the Accumulation Wave as Market Weakness Persists
Aside from Bitmine, several major investors, including whales and institutional entities, are aggressively accumulating ETH despite broader market uncertainty. Lookonchain flagged recent purchases by Trend Research and an OTC whale, who collectively bought 44,555 ETH, signaling strong confidence among large holders.
Further illustrating investor resilience, Lookonchain reported that as of January 21, Ethereum ETFs saw a 7-day net inflow of $48.63 million, marking a steady rise in institutional positioning.
It’s worth noting that consistent accumulation during periods of weak momentum often precedes pivotal market reversals, suggesting major players may be preparing for longer-term bullish catalysts.
ETH Reclaims $3,000 as Tariff Threat Lifts, but Volatility Persists
Ethereum has reclaimed the $3,000 mark after President Trump canceled the previously intended EU tariff, a development that eased market fears and sparked a mild relief rally. However, ETH remains under threat amid ongoing volatility in the crypto market, with traders cautious amid rapidly shifting macro conditions.
Still, some analysts see potential for significant long-term upside. Market expert Ali Martinez, using a multi-year chart pattern, has hinted that Ethereum could surge to $10,000 by 2027 if current structural trends hold.
While near-term volatility remains a concern, sustained whale accumulation and improving macro signals may gradually strengthen Ethereum’s long-term bullish trajectory.
Evans Kelvin
The CoinRemark Team
