BitMine Snatches Up ETH Like a Pirate on Discount! ETH Down 20%!

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The world’s largest Ether treasure chest, BitMine, is at it again, buying the dip like a savvy shopper on a Black Friday sale. As Ethereum tumbles down from its August high, BitMine has reportedly swooped in to gobble up more Ether, just like that last piece of chocolate in the candy jar.

Tom Lee-chaired BitMine Immersion Technologies didn’t just dip a toe-they dived in headfirst, purchasing 104,336 Ether (ETH), worth a whopping $417 million on Thursday. And how did they do it? Through a little help from Kraken and BitGo, according to Lookonchain. Of course, BitMine isn’t confirming anything, but let’s be real-they’re not shy about making moves.

“Despite the crypto market crash, Tom Lee is still out there predicting ETH will hit $10,000 by year-end,” the sources said, shaking their heads in disbelief. Well, if anyone’s got the crystal ball, it’s Tom, apparently. 🤔

Earlier this week, Lee and BitMEX co-founder Arthur Hayes doubled down on their bold prediction: Ether’s gonna hit $10,000 by the end of this year. Now, that’s a New Year’s resolution I’d like to see come true.

Blockchain intelligence firm Arkham is also nodding along, saying three new “whale wallets” just nabbed $75 million in ETH each. They’re quick to point out that these acquisitions match BitMine’s patterns. Well, well, well… looks like we’ve got a whale party going on, and BitMine’s hosting it. 🐋💰

BitMine made another big purchase earlier this week, following the crypto market’s little “oops” moment over the weekend. They scooped up 202,037 ETH tokens for cheap, as ETH prices dipped like a pancake on a Sunday morning. 🍯

“The crypto liquidation over the past few days created a price decline in ETH, which BitMine took advantage of,” said Tom Lee at the time, no doubt with a glint in his eye, like a pirate finding treasure on a deserted island.

Ethereum dip

DATs remain unfazed

Digital asset treasuries like BitMine are keeping cool while the crypto market throws a tantrum. Instead of running for cover, they’re seizing the opportunity to fill their vaults. 💎

BitMine is making progress faster than you can say “Ethereum,” reaching 50% of its treasury target in just a few months, amassing 3 million ETH. That’s 2.5% of the entire supply! Talk about going big or going home.

They’ve also managed to collect half of all Ether accumulated by public corporate treasuries, which now sits at 5.9 million ETH, worth $23.7 billion, according to StrategicEthReserve. It’s a lot of zeros, and none of them are going away anytime soon.

ETH down trend deepens

But here’s the kicker: Ether markets are still on a bit of a downward slide. ETH dropped to $3,945 in late trading on Wednesday, representing a 20% drop from its August high of $4,946. Ouch! But don’t worry, it’s not all bad news-ETH has managed to claw its way back, hanging just above the $4,000 level. For now… 😬

Mirroring chart patterns

However, not everyone is fretting. Tom Lee is among the many experts who believe that Ethereum will soon ride the bull train back up. “Ethereum is copying Bitcoin’s 2020-2021 run,” said analyst ‘Rekt Fencer.’ And no, that’s not a typo-it’s just the name of the analyst. According to this guy, $15,000 for ETH is still on the table this cycle. Hold onto your hats, folks.

Meanwhile, market analyst ‘Crypto Bullet’ thinks that Ethereum’s chart pattern is eerily similar to Bitcoin’s in 2024. His bold prediction? ETH could hit anywhere between $6,000 and $7,000 this year. That’s one wild ride ahead. 🎢

Ethereum chart pattern

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2025-10-16 09:05