Bitmine Acquires $300 Million in Ethereum Within Three Days
Tom Lee's Bitmine Immersion has acquired $300 million in Ethereum through Galaxy Digital’s OTC desk over three days. The wallet now holds 79,461 ETH, valued at approximately $282.5 million.
Tom Lee’s Ethereum Thesis
- Lee argues that the SEC and White House's Project Crypto aims to transition U.S. financial markets to blockchain, positioning Ethereum as the preferred infrastructure.
- He cites Ethereum’s reliability and adoption by firms like JPMorgan and Robinhood.
- Fundstrat estimates ETH could reach a fair value of $10,000–$20,000 within 12 months, potentially climbing to $60,000 in a fully tokenized asset future.
ETF Flows Indicate Institutional Confidence
- BlackRock’s iShares Ethereum Trust ETF saw $1.7 billion in inflows over the last 10 trading days.
- Spot Bitcoin ETFs experienced $643 million in outflows, while Ethereum ETFs recorded $154 million in net inflows over the same period.
- Ethereum ETFs have seen 12 consecutive weeks of positive inflows, with on-chain ETH held by ETFs increasing over 40% in the last month.
Price Action and Key Levels
Ethereum is currently priced at $3,554.65, up nearly 3% in the last 24 hours, despite a 20.4% drop in trading volume. Critical support levels identified are:
- $2,924: Approximately 608,925 ETH was purchased here.
- $2,750: Another 1.94 million ETH was bought within this range.
These levels are considered strong support zones for large holders, suggesting potential buy orders if ETH trends bearish.