TLDR
- Bitmine acquired 71,672 ETH tokens last week, expanding total reserves to 5.278 million ETH (approximately $11.05B)
- Tom Lee characterized ETH’s decline beneath $2,200 as a compelling buying opportunity
- ETH has declined 8.7% over the previous seven days, currently trading between $2,100–$2,128
- A veteran Ethereum whale who exited positions one year ago has resumed accumulation, according to Lookonchain data
- ETH confronts critical support at $2,108, with additional downside targets at $1,909 and $1,741 should this level fail
Bitmine Immersion Technologies expanded its Ethereum reserves by 71,672 tokens throughout the previous week, elevating its aggregate position to 5.278 million ETH. Based on prevailing market valuations, this treasury now commands approximately $11.05 billion in value.
Chairman Tom Lee publicly disclosed this strategic accumulation on Monday, characterizing the company’s perspective that ETH’s recent downturn below $2,200 represents “an attractive opportunity.” Bitmine has established itself as the world’s premier corporate Ethereum treasury holder and ranks as the second-largest cryptocurrency treasury globally, trailing only Michael Saylor’s Strategy.
The firm’s strategic objective centers on controlling 5% of ETH’s circulating supply, currently standing at 120.7 million tokens. To achieve this ambitious target of surpassing 6 million ETH, Bitmine requires approximately 756,538 additional tokens. Lee projected the company would reach this benchmark “sometime in 2026.”
Bitmine has additionally staked 4.71 million ETH through its Made in America Validator Network (MAVAN), producing annualized staking revenues of $289 million.
Market analyst Daan Crypto Trades shared insights on X, observing that ETH experienced a breakdown following unsuccessful attempts to breach the $2,400 threshold. He indicated that a bullish retest of that price point remains feasible during the week’s opening sessions, though he anticipates ETH could retreat below $2,000 if a bearish retest materializes. He emphasized that Bitcoin’s trajectory will likely dictate ETH’s directional movement.
Whale Activity Returns
Bitmine wasn’t alone in its accumulation efforts. Blockchain analytics firm Lookonchain disclosed on Saturday that a veteran Ethereum whale — who maintained ETH positions for more than ten years before liquidating their complete holdings twelve months ago — has resumed accumulation activities. This whale acquired 1,951 ETH at a price point of $2,182. Lookonchain suggested the wallet “may keep buying.”
ETH has fluctuated within a range of $2,081 to $2,341 throughout the past seven days. On Tuesday, the asset was positioned around $2,128, representing an 8.7% weekly decline.
Price Levels to Watch
From a technical analysis perspective, Ethereum is currently testing the $2,108 support threshold. The 20-day, 50-day, and 100-day exponential moving averages are all positioned above the current price within the $2,256–$2,338 spectrum, establishing a resistance corridor.
The Relative Strength Index hovers in the low 30s while the Stochastic Oscillator remains deeply entrenched in oversold conditions. Should the $2,108 level fail to hold, subsequent support zones are identified at $1,909, $1,741, $1,524, and $1,405.
ETH achieved an all-time peak of $4,946 in August 2025 but has subsequently declined approximately 57%. Ethereum investment vehicles documented net outflows totaling $249 million during the previous week, accompanied by $322.4 million in liquidations over the most recent 24-hour period — with $296.9 million representing liquidated long positions.
Lee also provided commentary on the CLARITY Act, which successfully advanced through the Senate Banking Committee last week. He acknowledged remaining obstacles but expressed conviction that passage probability exceeds the 61% currently reflected on Polymarket.
