Bitmine Buys $300M ETH in 3 Days, ETFs Continue to Shine - Coinspeaker

Key Notes

• Bitmine has accumulated $300 million in ETH over three days via Galaxy Digital’s OTC desk.
• Tom Lee forecasts ETH could reach $10,000–$20,000 in a year, with a $60,000 long-term target.
• Ethereum ETFs are seeing record inflows, with BlackRock leading a $1.7 billion surge.

Over the past three days, Tom Lee’s crypto treasury firm, Bitmine Immersion, has quietly snapped up $300 million worth of Ethereum

ETH $3 557

24h volatility: 2.8%

Market cap: $429.37 B

Vol. 24h: $20.00 B

via Galaxy Digital’s OTC desk.

Arkham Intelligence initially flagged the activity, with one whale address accumulating massive amounts of Ether. That wallet, now confirmed to belong to Bitmine, currently holds 79,461 ETH, worth around $282.5 million at press time.

Tom Lee’s Ethereum Mega Thesis

AB Kuai Dong, a well-known crypto entrepreneur, shared details from Tom Lee’s latest research note, which lays out a long-term case for Ethereum.

Lee said that the SEC and White House’s Project Crypto is an intentional shift to blockchain-based finance, with Ethereum positioned as the infrastructure layer of choice.

The Fundstrat founder highlighted Ethereum’s unmatched uptime and adoption by firms like JPMorgan and Robinhood. His team estimates ETH’s fair value could hit $10,000–$20,000 within the next 12 months.

Related article: Cathie Wood’s Ark Invest Buys $20M Shares of ETH Treasury Firm BitmineMoreover, in a future where financial assets are fully tokenized, Lee argued that ETH could climb to $60,000, drawing parallels to NVIDIA’s role in AI.

ETF Flows Show Institutional Confidence

BlackRock’s iShares Ethereum Trust ETF has attracted $1.7 billion in inflows over the past 10 trading days.

On the other hand, spot Bitcoin ETFs

BTC $114 588

24h volatility: 0.8%

Market cap: $2.28 T

Vol. 24h: $23.67 B

witnessed $643 million in outflows during the same period, ending a seven-week streak of net inflows.

Ethereum ETFs, however, are on a 12-week hot streak. Net inflows reached $154 million last week, led by ETHA, the only ETF in the group that recorded consistent positive inflows.

According to Dune Analytics, on-chain ETH held by ETFs has soared over 40% in the last 30 days, further emphasizing Ethereum’s growing role in institutional portfolios.

Price Action and Key Levels to Watch

At the time of writing, Ethereum is trading at $3,554.65, up nearly 3% in the past 24 hours, despite a noticeable 20.4% drop in trading volume.

Ali Martinez has flagged $2,924 and $2,750 as two critical support zones. These levels are supported by on-chain cost basis data. A heatmap from Glassnode shows that a combined 2.55 million ETH was acquired in these two ranges alone:

• Between $2,911 and $2,924, around 608,925 ETH was purchased.
• Between $2,744 and $2,757, another 1.94 million ETH was bought.

These levels form a thick band of on-chain support zones where large holders are unlikely to capitulate. If Ethereum turns bearish, investors could position buy orders around these levels, making ETH the top crypto to buy in 2025.

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