Key Highlights
- BitMine acquired 32,447 ETH valued at approximately $81 million during the previous week, expanding total reserves to 5.847 million ETH
- Ethereum recorded a 30% weekly surge, marking its strongest performance since May 2025
- Thomas Lee, BitMine’s Chairman, referenced historical patterns where comparable 30% rallies preceded gains of 167% and 170%
- Spot ETH ETFs in the United States attracted $697 million in net inflows over the week, the strongest performance since October
- While ETH trades above $2,400, technical indicators show RSI at 79, suggesting overbought territory
BitMine Immersion Technologies (BMNR), an Ethereum treasury company, completed its largest weekly acquisition since early July by purchasing 32,447 ETH. Based on Monday’s trading price near $2,500, the transaction represented approximately $81 million in value.
Following this acquisition, BitMine’s cumulative ETH position reached 5,847,611 tokens, representing a portfolio value of roughly $14.6 billion. The company’s holdings now account for approximately 4.8% of Ethereum’s circulating supply of 120.7 million tokens.
Since initiating its Ethereum accumulation strategy in June 2025, BitMine has consistently purchased ETH on a weekly basis. The firm has set an internal objective of controlling 5% of the total token supply, which translates to approximately 6.04 million ETH. This goal remains about 187,000 tokens away from completion.
The aggressive buying coincided with Ethereum’s impressive 30% weekly advance, representing its most robust weekly performance since May 2025.
Thomas Lee’s Analysis and Projections
Thomas Lee, serving as BitMine’s Chairman, referenced historical market behavior to justify the company’s continued accumulation. He highlighted that following a comparable 30% weekly rally in July 2021, ETH subsequently climbed 167%, while a similar pattern in May 2025 led to a 170% appreciation.
“These two historical precedents demonstrate that weekly gains exceeding 30% have functioned as catalysts for substantially larger upward movements in ETH,” Lee stated on Monday. “We anticipate that relaxing financial conditions will provide favorable momentum for cryptocurrency markets.”
Lee further suggested that emerging developments in asset tokenization and artificial intelligence agents utilizing blockchain infrastructure could enable ETH to capture market share from Bitcoin during the present market cycle.
Market analyst Daan Crypto Trades (@DaanCrypto) observed on X that ETH concluded the week at its highest weekly closing level in approximately seven months, now positioned at both the Weekly 200MA and EMA. He cautioned that a rejection beneath $2,300 might transform the current movement into a liquidity sweep, potentially triggering a retreat to the bull market support band.
Exchange-Traded Fund Activity and Technical Indicators
Spot ETH exchange-traded funds in the United States experienced their strongest weekly performance since October, recording $697 million in net capital inflows. BlackRock’s iShares Ethereum Trust (ETHA) dominated these flows, capturing $536.8 million of the total.
Ethereum witnessed $108.8 million in total liquidations over the past day, with short positions accounting for $68.3 million of that figure.
BitMine currently has 5.07 million ETH staked, representing roughly 87% of its total holdings, generating an estimated $330 million in annual staking rewards.
The immediate resistance level for ETH stands at $2,678, with an additional target at $2,865 beyond that threshold.
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