2024

Arkham

Arthur

Tom Lee

The world’s largest Ether (ETH) digital asset treasury, BitMine, has reportedly bought the dip again as ETH continues to retreat from its August all-time high.
Tom Lee-chaired BitMine Immersion Technologies reportedly scooped up a further 104,336 Ether worth around $417 million on Thursday, according to onchain data.
Over the past seven hours, three new wallets received the assets from Kraken and BitGo, Lookonchain <a href="https://x.com/lookonchain/status/1978631764110451155" rel="noopener noreferrer nofollow" target="_blank">reported</a>.&nbsp;BitMine has not publicly confirmed the transactions.
“Despite the crypto market crash, Tom Lee still predicts ETH will hit $10,000 by year-end,” Lookonchain added.
Earlier this week, Lee and BitMEX co-founder Arthur Hayes <a href="https://cointelegraph.com/news/ether-price-crypto-prediction-tom-lee-arthur-hayes" rel="noopener noreferrer nofollow">doubled down</a> on their prediction that Ether will hit $10,000 this year.
Blockchain intelligence firm Arkham agreed with the findings, stating that three new whale wallets just acquired $75 million in ETH each. “The acquisition patterns match <a href="https://cointelegraph.com/news/bitmine-bit-digital-ethereum-treasury-race-2025" rel="noopener noreferrer nofollow">BitMine</a> ETH acquisitions from BitGo,” they said.&nbsp;
Cointelegraph contacted BitMine for confirmation of the purchase but did not receive an immediate response.
BitMine bought the dip earlier this week following the weekend <a href="https://cointelegraph.com/news/19b-crypto-market-crash-leverage-china-tariffs" rel="noopener noreferrer nofollow">crypto market rout</a>. On Monday, the firm announced that it acquired 202,037 ETH tokens “over the past few days,” taking advantage of the lower prices.&nbsp;&nbsp;
“The crypto liquidation over the past few days created a price decline in ETH, which BitMine took advantage of,” <a href="https://www.prnewswire.com/news-releases/bitmine-immersion-bmnr-announces-eth-holdings-exceeding-3-03-million-tokens-and-total-crypto-and-cash-holdings-of-12-9-billion-302581550.html" rel="noopener noreferrer nofollow" target="_blank">said</a> Tom Lee at the time.&nbsp;
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2025-10/0199eb80-0fc0-7d76-938b-0cbcb9e20510" title="" alt="BitMine appears to buy the dip as ETH is down 20% from peak">
 <figcaption style="text-align: center;">
 BitMine associated Ether transactions. Source: <a href="https://x.com/arkham/status/1978562875011563554" rel="noopener noreferrer nofollow" target="https://x.com/arkham/status/1978562875011563554">Arkham</a> 
 </figcaption>
</figure>
<h2 id="dats-remain-unfazed">DATs remain unfazed&nbsp;</h2>
Digital asset treasuries, such as BitMine, appear to be unfazed by the recent crypto market turmoil, using the opportunity to buy the dips.&nbsp;
BitMine has now reached 50% of its treasury target in just a few months, having accumulated a whopping 3 million ETH, equivalent to 2.5% of the entire supply.&nbsp;
Related: <a href="https://cointelegraph.com/news/ether-set-to-go-nuclear-with-3-active-supply-vacuums-analyst" rel="noopener noreferrer nofollow">Ether set to go ‘nuclear’ with 3 active ‘supply vacuums’ — Analyst</a>
Its holdings also represent half of the Ether accumulated by all public corporate treasuries, which currently stands at 5.9 million ETH, worth $23.7 billion, <a href="https://www.strategicethreserve.xyz/" rel="noopener noreferrer nofollow" target="_blank">according</a> to StrategicEthReserve.
<h2 id="eth-down-trend-deepens">ETH down trend deepens&nbsp;</h2>
The dip buying comes as Ether markets continue to trend downward.&nbsp;
ETH fell to $3,945 in late trading on Wednesday, representing a 20% decline from its August all-time high of $4,946.&nbsp;&nbsp;
It had regained a little composure at the time of writing, trading just above the psychological $4,000 level.
<h2 id="mirroring-chart-patterns">Mirroring chart patterns&nbsp;</h2>
However, Lee is among many experts and analysts who are confident that Ether will resume its bull run over the next couple of months.
“Ethereum is copying Bitcoin’s 2020-2021 run,” <a href="https://x.com/rektfencer/status/1978458807693951119" rel="noopener noreferrer nofollow" target="_blank">said</a> analyst “Rekt Fencer,” who added that “$15,000 for ETH is still on the table this cycle.”
Meanwhile, market analyst “Crypto Bullet” compared chart patterns from Bitcoin (<a href="/bitcoin-price" rel="noopener noreferrer">BTC</a>) in 2024 to Ether in 2025, stating that they are “exactly the same pattern,” before predicting an Ether move up to $6,000 to $7,000 this year.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2025-10/0199eb80-14b4-73ea-845b-67d28419bf51" title="" alt="BitMine appears to buy the dip as ETH is down 20% from peak">
 <figcaption style="text-align: center;">
 ETH price action looks uncannily similar to Bitcoin’s last year: Source <a href="https://x.com/CryptoBullet1/status/1978496497445433520" rel="noopener noreferrer nofollow" target="https://x.com/CryptoBullet1/status/1978496497445433520">Crypto Bullet</a>
 </figcaption>
</figure>
Magazine: <a href="https://cointelegraph.com/magazine/ethereums-roadmap-10000-tps-using-zk-zkevm-tech-dummies-guide/" rel="noopener noreferrer nofollow">Ethereum’s roadmap to 10,000 TPS using ZK tech: Dummies’ guide</a>

BitMine appears to buy the dip as ETH is down 20% from peak

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