The largest ether (ETH) digital asset Treasury, Bitmine, has reportedly bought back the dip as ETH continues to pull back from its August high.
Tom Lee-chaired Bitmine Immersion Technologies reportedly scooped up an additional 104,336 ether worth nearly $417 million on Thursday, according to Onchain data.
In the past seven hours, three new wallets have received assets from Kraken and Bitgo, LookOnchain reported. Bitmine has not publicly confirmed the transactions.
“Despite the crypto market crash, Tom Lee still predicts ETH will hit $10,000 by the end of the year,” added LookOnchain.
Earlier this week, Lee and Bitmex co-founder Arthur Hayes Doubled down In their prediction that Ether will hit $10,000 this year.
Blockchain intelligence firm Arkham concurred with the findings, saying that the three new whale wallets only managed $75 million in ETH each. “The acquisition patterns match Bitmin ETH withdrawals from Bitgo,” they said.
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 Crypto Market Route. On Monday, the firm announced that it had acquired 202,037 ETH tokens “over the past few days,” taking advantage of the lower price.
“Crypto liquidation in recent days created a price drop in ETH, which Bitmine took advantage of,” said Tom Lee at that time.
DATs will remain unopposed
Digital Asset Treasuries, such as Bitmine, appear unfazed by the chaos in the crypto market, using the opportunity to buy dips.
Bitmine has now reached 50% of the Treasury target in just a few months, amassing a whopping 3 million ETH, which is equivalent to 2.5% of the entire supply.
Related: Ether set to go ‘nuclear’ with 3 active ‘supply vacuums’ – analyst
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, according at strategicreserve.
ETH DOWN TREND deepens
The dip buying comes as the ether markets continue to move lower.
ETH fell to $3,945 in late trading on Wednesday, representing a 20% decline from its August all-time high of $4,946.
It has taken a small caution at the time of writing, trading above the psychological level of $4,000.
Mirroring Chart Patterns
However, Lee is among many experts and analysts who are confident that Ether will continue its bull run over the next few months.
“Ethereum Copies Bitcoin 2020-2021,” said Analyst “Rekt Fencer,” added that “$15,000 for ETH is still on the table this cycle.”
Meanwhile, market analyst “Crypto Bullet” compared chart patterns from Bitcoin (BTC) in 2024 to ether in 2025, saying they are “exactly the same pattern,” before predicting an ether move up to $6,000 to $7,000 this year.
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