Institutional confidence in Ethereum appears to be holding firm even as the broader crypto market faces renewed selling pressure. In a move that signals long-term conviction, Tom Lee’s firm, Bitmine, has reportedly increased its Ethereum holdings during the recent market downturn, highlighting a growing trend of strategic accumulation among large players.
Bitmine Doubles Down on Ethereum During Market Weakness
On-chain analytics platform Lookonchain revealed today that Tom Lee’s Bitmine has increased its Ethereum holdings with a fresh purchase of 20,000 ETH worth approximately $41.98 million. Highlighting data from Arkham, Lookonchain noted that Bitmine executed the purchase in a single transaction via the crypto exchange Kraken.
Meanwhile, the latest buy comes shortly after another identical transaction carried out via FalconX, valued at roughly $46.04 million. The back-to-back purchases suggest a deliberate accumulation strategy rather than a one-off trade, reinforcing the firm’s high-conviction stance on Ethereum.
Notably, these transactions occurred after Ethereum briefly dipped below $2,100, a move that significantly impacted Bitmine’s massive ETH treasury. At the time of the dip, Bitmine’s estimated 4.28 million ETH holdings were pushed into a paper loss of around $7.71 billion.
Despite this, the firm proceeded with further accumulation, signaling strong long-term confidence in Ethereum’s value proposition. The latest purchase also underscores Bitmine’s apparent view of market dips as strategic accumulation opportunities, positioning the firm to benefit from potential long-term upside once market conditions stabilize.
Institutional Divide Emerges as Some Firms Offload ETH Holdings
Unlike Bitmine, which is doubling down on accumulation, some institutions are taking the opposite approach by rapidly reducing exposure. Interestingly, Lookonchain reported that Trend Research has been aggressively selling its Ethereum holdings to repay outstanding loans.
According to on-chain data, Trend Research offloaded 170,033 ETH, worth approximately $322.5 million, in a single transaction. Further reports indicate that Trend Research has now completely exited its Ethereum position, selling its entire 651,757 ETH holdings valued at roughly $1.34 billion. The firm reportedly sold at an average price of around $2,050, ultimately incurring an estimated loss of about $747 million.
The contrasting approaches between Bitmine and Trend Research highlight a growing institutional divide in market strategy, with some firms viewing the downturn as an opportunity to accumulate. In contrast, others prioritize balance sheet stability and debt reduction.
ETH Price Action Remains Under Pressure as Key Support Comes Into Focus
From a price perspective, Ethereum continues to face selling pressure alongside the broader crypto market. According to CoinMarketCap data, Ethereum has dipped 3.6% over the past 24 hours and is currently trading around $2,020 as the wider digital asset market slips back into the red.
Market expert Ted Pillows has also issued a cautionary outlook. In a recent X post, the analyst warned that Ethereum must hold the critical $2,000 psychological support level or risk triggering further downside moves that could erase much of its recent recovery gains.
Thus, traders and investors are now closely watching how market events unfold in the coming days, particularly as institutional flows, macro sentiment, and technical support levels continue to shape Ethereum’s price direction.
Evans Kelvin
Temitope Olajide
