Ethereum (ETH) Whale Accumulation Surges as Bitmine Adds $150M in Fresh Holdings

Key Takeaways

• Bitmine acquired 71,672 ETH in recent purchase, expanding total reserves to 5.278 million ETH (valued at approximately $11.05 billion)
• Chairman Tom Lee views current ETH prices under $2,200 as compelling entry point
• Ethereum has declined 8.7% in the weekly timeframe, currently hovering between $2,100–$2,128
• Long-dormant Ethereum whale resumes accumulation after selling entire position twelve months ago, according to Lookonchain data
• Critical support zone at $2,108 remains in focus, with additional floors at $1,909 and $1,741 if breakdown occurs

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Bitmine Immersion Technologies executed a substantial acquisition of 71,672 Ether tokens over the preceding week, elevating the company’s aggregate position to 5.278 million ETH. Based on prevailing market valuations, this cryptocurrency reserve represents approximately $11.05 billion in total value.

Ethereum (ETH) Price

On Monday, Chairman Tom Lee publicly disclosed the acquisition, characterizing Ethereum’s recent descent beneath the $2,200 threshold as “an attractive opportunity.” This positions Bitmine as the world’s preeminent corporate holder of ETH and establishes it as the second-largest institutional cryptocurrency treasury globally, trailing only Michael Saylor’s Strategy.

The firm has established an ambitious objective: controlling 5% of Ethereum’s circulating token supply, which currently stands at 120.7 million coins. To achieve this benchmark, Bitmine requires an additional 756,538 ETH, bringing the target above 6 million tokens. Lee projected the company would reach this accumulation goal “sometime in 2026.”

Additionally, Bitmine has deployed 4.71 million ETH through its Made in America Validator Network (MAVAN), producing annualized staking returns of $289 million.

Market analyst Daan Crypto Trades shared observations on X, highlighting that ETH experienced a breakdown following its failure to penetrate the $2,400 resistance zone. He suggested a bullish retest of that threshold remains feasible in the early week period, though a bearish retest scenario could push ETH beneath the $2,000 mark. He emphasized that Bitcoin’s trajectory will likely dictate Ethereum’s directional movement.

Historic Whale Re-enters Market

Bitmine’s buying activity wasn’t isolated. On Saturday, blockchain intelligence firm Lookonchain identified an original Ethereum whale—who maintained holdings for more than ten years before liquidating their complete position twelve months prior—has reinitiated accumulation. This wallet acquired 1,951 ETH at an average price of $2,182. Lookonchain indicated the address “may keep buying.”

Over the last seven days, ETH has fluctuated within a $2,081 to $2,341 trading range. As of Tuesday, the asset was exchanging hands near $2,128, representing an 8.7% weekly decline.

Technical Analysis and Support Zones

From a technical perspective, Ethereum is currently challenging the $2,108 support threshold. The 20-day, 50-day, and 100-day exponential moving averages are positioned above current pricing in the $2,256–$2,338 band, forming a resistance cluster.

The Relative Strength Index has dropped into the low 30s while the Stochastic Oscillator indicates deeply oversold conditions. Should the $2,108 level fail to hold, subsequent support zones emerge at $1,909, $1,741, $1,524, and $1,405.

Ethereum reached its all-time peak of $4,946 in August 2025 but has subsequently contracted approximately 57%. Last week, Ethereum-focused investment vehicles registered net capital outflows totaling $249 million, while the past 24-hour period witnessed $322.4 million in liquidations—with long positions accounting for $296.9 million of that figure.

Lee also addressed the CLARITY Act, which advanced through the Senate Banking Committee last week. While acknowledging remaining obstacles, he expressed conviction that passage probability exceeds the 61% currently reflected on Polymarket prediction markets.

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