BitMine, the world's largest Ether (ETH) digital asset treasury, has reportedly bought up the worth decline again as ETH continues to retreat from its all-time high in August.
BitMine Immersion Technologies, Chairman Tom Lee, reportedly raised one other 104,336 Ether value around $417 million on Thursday, in keeping with on-chain data.
Lookonchain reported that three recent wallets received assets from Kraken and BitGo within the last seven hours. BitMine has not publicly confirmed the transactions.
“Despite the crypto market crash, Tom Lee still predicts ETH will reach $10,000 by year-end,” Lookonchain added.
Earlier this week, Lee and BitMEX co-founder Arthur Hayes reiterated their prediction that Ether will reach $10,000 this yr.
Blockchain intelligence firm Arkham agreed with the findings, saying three recent whale wallets had just acquired $75 million in ETH each. “The acquisition patterns are consistent with BitGo’s BitMine ETH acquisitions,” they said.
Cointelegraph contacted BitMine to substantiate the acquisition but didn’t receive an instantaneous response.
BitMine bought the dip earlier this week following the crypto market collapse over the weekend. On Monday, the corporate announced that it had acquired 202,037 ETH tokens “in the previous few days,” benefiting from lower prices.
“The crypto liquidation over the past few days resulted in a drop in the worth of ETH, which BitMine took advantage of,” Tom Lee said on the time.
BitMine associated Ether transactions. Source: Arkham
DATs remain unaffected
Digital asset treasuries like BitMine appear unfazed by the recent turmoil within the crypto market and are benefiting from the chance to purchase on dips.
BitMine has now reached 50% of its treasury goal in only just a few months and has collected a whopping 3 million ETH, representing 2.5% of its total supply.
According to StrategicEthReserve, its holdings also represent half of the Ether collected by all public corporate treasuries, which currently stands at 5.9 million ETH, value $23.7 billion.
ETH’s downward trend is intensifying
The dip buying comes as Ether markets proceed to trend downwards.
ETH fell to $3,945 in late trading on Wednesday, down 20% from its August all-time high of $4,946.
At the time of writing, it had calmed down a bit and was trading just above the psychological $4,000 level.
Mirror chart patterns
However, Lee is amongst the numerous experts and analysts who’re confident that Ether will proceed its upward trend in the following few months.
“Ethereum is copying Bitcoin’s run from 2020 to 2021,” said analyst “Rekt Fencer,” adding that “there remains to be $15,000 on the table for ETH on this cycle.”
Meanwhile, market analyst “Crypto Bullet” compared Bitcoin (BTC)’s chart patterns in 2024 to Ether’s in 2025, noting that it was “the very same pattern,” before predicting Ether to rise to $6,000-$7,000 this yr.
