BitMine Scoops Up $70M in Ether as Tom Lee Revises Bitcoin Forecast Again

BitMine Adds 23,773 ETH Despite Market Weakness

BitMine Immersion Technologies has continued its aggressive accumulation strategy, purchasing 23,773 ETH over the last three days even as the broader market shows signs of fatigue.

Blockchain data tracked by Lookonchain shows:

• 7,080 ETH acquired on Monday for roughly $19.8 million

• 16,693 ETH purchased on Saturday for about $50.1 million

In total, BitMine spent close to $70 million on Ether over the weekend and early week.

These purchases follow another major accumulation wave last week, when the firm added 96,800 ETH—worth around $273.2 million at the time.

BitMine is currently the largest Ethereum digital asset treasury (DAT) in the market, according to StrategicETHReserve.xyz.

The company is now 62% of the way toward its target of controlling 5% of the total ETH supply.

BitMine Now Holds Over $10B in ETH—But Is Still Underwater

Despite its massive holdings, the firm is sitting at a paper loss.

BitMine’s treasury report on Sunday confirmed it holds 3.7 million ETH, acquired at an average purchase price of $3,008 per token.

With Ether trading below that level, the company’s position remains in the red—though its long-term strategy suggests it is unfazed by short-term volatility.

Tom Lee Adjusts Bitcoin Price Outlook Yet Again

While BitMine continues buying Ethereum, its chairman Tom Lee has been reworking his Bitcoin outlook in response to recent market turbulence.

Earlier this year, Lee predicted Bitcoin would reach $250,000 by the end of 2025.

However, as the market struggled in Q4, he softened that stance—first suggesting Bitcoin might “maybe” recover its all-time high by the end of this year.

During a CNBC appearance on Sunday, Lee revised the timeline once more:

“I do think Bitcoin can make an all-time high by the end of January,”

he said, adding that much depends on a broader equities rebound,

“which we expect it to.”

This marks Lee’s third adjustment in recent months as Bitcoin trades near $86,949 amid market uncertainty.

Why Is Crypto Weak While Other Markets Hit Record Highs?

Not everyone believes there’s a fundamental reason behind the current crypto softness.

Jeff Dorman, CIO of Arca, argued on X that the broader macro environment remains highly favorable:

• Equities, credit, and precious metals are making repeated ATHs

• Rate cuts and the end of quantitative tightening (QT) support risk assets

• Consumer spending and corporate earnings remain strong

• AI-related demand continues to grow

Dorman wrote that mainstream narratives driving crypto fear are unfounded:

“All of the ‘supposed reasons’ for crypto selling off are easily debunked… MSTR isn’t selling, Tether isn’t insolvent, DATs aren’t selling, NVDA isn’t blowing up, the Fed isn’t turning hawkish, the tariff wars aren’t restarting, etc.”

Instead, he suggested that liquidity constraints and institutional on-ramping issues may be suppressing demand.

Large players like Vanguard, State Street, BNY Mellon, JPMorgan, Morgan Stanley, and Goldman Sachs may be preparing to enter—but many lack the systems or mandates to allocate capital efficiently today.

“They aren’t here today. And until it’s easy to buy via their existing mandates and systems, they just won’t do it,”

Dorman explained.

Conclusion: Bullish Accumulation Meets Institutional Friction

BitMine’s continued ETH buying spree, combined with shifting BTC forecasts from Tom Lee and liquidity concerns raised by industry analysts, paints a complex picture:

• Long-term players keep accumulating

• Market fundamentals remain strong across major sectors

• Institutional access barriers could be dampening near-term demand

As crypto heads into early 2026, whether liquidity unlocks—and whether Bitcoin meets Lee’s January all-time-high target—will be key catalysts to watch.

See all our insights: Bitcoin World News