tl;dr
BitMine, the largest Ether treasury, aggressively bought 104,336 ETH during a price slump, signaling confidence in Ethereum's long-term potential despite volatility. Institutional buying surges, with analysts predicting ETH could hit $10,000 by year-end.
**BitMine Buys the Dip as Ethereum Faces Market Volatility, Eyes $10,000 Target**
In a bold move amid Ethereum’s (ETH) recent price slump, the world’s largest Ether digital asset treasury, BitMine, has reportedly continued its aggressive buying strategy. The firm, led by Tom Lee and part of Immersion Technologies, acquired an additional 104,336 ETH—valued at approximately $417 million—on Thursday, according to onchain data. This follows a broader trend of institutional investors capitalizing on market downturns to accumulate assets at discounted prices.
### **BitMine’s Strategic Accumulation**
Over the past seven hours, three new wallets received ETH transfers from Kraken and BitGo, as reported by blockchain analyst Lookonchain. While BitMine has not publicly confirmed the transactions, the pattern aligns with its previous strategy of "buying the dip" during market volatility. Earlier this week, the firm announced it had acquired 202,037 ETH over the past few days, leveraging the post-weekend crypto market rout.
Tom Lee, co-founder of BitMine, explained the rationale at the time: "The crypto liquidation over the past few days created a price decline in ETH, which BitMine took advantage of." This approach underscores the firm’s confidence in Ethereum’s long-term potential despite short-term fluctuations.
### **Whale Activity and Analyst Optimism**
Blockchain intelligence firm Arkham noted that three new "whale" wallets acquired $75 million in ETH each, with transaction patterns mirroring BitMine’s previous purchases from BitGo. This surge in institutional buying has fueled optimism among analysts.
Tom Lee and BitMEX co-founder Arthur Hayes have doubled down on their prediction that ETH will reach $10,000 by year-end. Their confidence is shared by other market observers. Analyst "Rekt Fencer" drew parallels between Ethereum’s current trajectory and Bitcoin’s 2020-2021 bull run, stating, "Ethereum is copying Bitcoin’s 2020-2021 run," and adding that a $15,000 target for ETH remains "on the table this cycle."
Market analyst "Crypto Bullet" also highlighted similar chart patterns between Bitcoin’s 2024 peak of $111,444 and Ethereum’s projected path in 2025, predicting a potential $6,000 to $7,000 rebound for ETH this year.
### **BitMine’s Growing Influence**
BitMine’s aggressive accumulation has positioned it as a key player in the Ethereum ecosystem. The firm has now reached 50% of its treasury target, amassing 3 million ETH—equivalent to 2.5% of the total supply. This represents half of the Ether held by all public corporate treasuries, which currently total 5.9 million ETH, valued at $23.7 billion, according to StrategicEthReserve.
### **ETH’s Downward Trend and Recovery**
Despite the institutional buying, Ethereum’s price has continued to decline. On Wednesday, ETH fell to $3,945, marking a 20% drop from its August all-time high of $4,946. However, the asset has since regained some ground, trading just above the $4,000 level at the time of writing.
### **The Bigger Picture**
The current market turmoil has not deterred digital asset treasuries like BitMine, which view volatility as an opportunity to strengthen their positions. As analysts and investors alike anticipate a potential resurgence, the coming months could determine whether Ethereum’s bull run resumes—or if the crypto market faces further challenges.
For now, the actions of entities like BitMine and the bold predictions of industry leaders suggest that the Ethereum narrative remains far from over. Whether the $10,000 target is achieved by year-end may depend on broader market dynamics, but the confidence from key players is unmistakable.