Key Highlights
- Bitmine acquired 71,672 ETH in the previous week, expanding total reserves to 5.278 million ETH (valued at approximately $11.05B)
- Tom Lee identified ETH’s decline beneath $2,200 as a compelling entry point for investors
- ETH has declined 8.7% during the past seven days, currently trading in the $2,100–$2,128 range
- A veteran Ethereum whale resumed purchasing activity after selling holdings one year ago, according to Lookonchain data
- ETH is testing crucial support at $2,108, with additional downside targets at $1,909 and $1,741 if current levels fail
Bitmine Immersion Technologies expanded its Ethereum reserves by 71,672 tokens during the previous week, elevating its complete portfolio to 5.278 million ETH. Based on present market valuations, this position represents approximately $11.05 billion in digital assets.
Company Chairman Tom Lee announced the acquisition publicly on Monday, characterizing ETH’s recent downturn beneath $2,200 as presenting “an attractive opportunity” for strategic accumulation. Bitmine currently maintains the world’s largest corporate Ethereum treasury and ranks as the second-largest cryptocurrency treasury globally, trailing only Michael Saylor’s Strategy.
The firm’s strategic objective involves controlling 5% of ETH’s total circulating supply, which currently stands at 120.7 million tokens. To accomplish this ambitious target of surpassing 6 million ETH, Bitmine requires approximately 756,538 additional tokens. Lee projected the company would achieve this threshold “sometime in 2026.”
Additionally, Bitmine has deployed 4.71 million ETH through its Made in America Validator Network (MAVAN), producing annual staking rewards totaling $289 million.
Market analyst Daan Crypto Trades provided commentary on X, observing that ETH experienced a breakdown following unsuccessful attempts to surpass the $2,400 resistance zone. He suggested that a bullish retest of this level remains viable during the early week, though a bearish retest scenario could push ETH beneath the $2,000 threshold. He emphasized that Bitcoin’s price trajectory will likely dictate ETH’s directional movement.
Major Whale Resumes Accumulation
Bitmine’s purchases weren’t isolated. On-chain analytics provider Lookonchain disclosed Saturday that a long-time Ethereum whale — who maintained holdings for more than ten years before liquidating their complete position twelve months ago — has resumed accumulation. This whale acquired 1,951 ETH at an average price of $2,182. Lookonchain observed the wallet “may keep buying.”
ETH has fluctuated between $2,081 and $2,341 throughout the last seven-day period. On Tuesday, it was trading near $2,128, representing an 8.7% weekly decline.
Critical Technical Levels
From a technical analysis perspective, Ethereum is currently evaluating the $2,108 support threshold. The 20-day, 50-day, and 100-day exponential moving averages are positioned above the current price within the $2,256–$2,338 corridor, establishing a formidable resistance barrier.
The Relative Strength Index registers in the low 30s while the Stochastic Oscillator indicates deeply oversold conditions. Should the $2,108 level break down, subsequent support zones exist at $1,909, $1,741, $1,524, and $1,405.
ETH established an all-time peak of $4,946 in August 2025 but has subsequently declined approximately 57%. Ethereum-focused investment vehicles experienced net outflows totaling $249 million during the previous week, accompanied by $322.4 million in liquidations across the last 24 hours — with $296.9 million representing liquidated long positions.
Lee also addressed the CLARITY Act, which successfully passed through the Senate Banking Committee last week. He acknowledged remaining obstacles but expressed confidence that passage probability exceeds the 61% currently reflected on Polymarket.
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