Key Highlights
- BitMine acquired 32,447 ETH valued at approximately $81 million in the past week, expanding total reserves to 5.847 million ETH
- Ethereum registered a 30% weekly surge, marking its strongest performance since May 2025
- Chairman Thomas Lee referenced historical patterns where 30% rallies preceded gains of 167% to 170%
- Spot Ethereum ETFs in the United States recorded $697 million in net capital inflows, the strongest week since October
- ETH trades above $2,400 while RSI readings near 79 indicate overbought territory
Ethereum treasury company BitMine Immersion Technologies (BMNR) completed its largest weekly acquisition since early July, purchasing 32,447 ETH tokens. Based on Monday’s market price hovering around $2,500 per token, the transaction totaled approximately $81 million.
This acquisition elevated BitMine’s cumulative Ethereum reserves to 5,847,611 tokens, representing a portfolio value of roughly $14.6 billion. The company now controls 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 added ETH to its treasury on a weekly basis. The firm has established an internal objective of controlling 5% of the total supply, which translates to approximately 6.04 million ETH. This means BitMine needs to acquire roughly 187,000 additional tokens to reach its stated goal.
The accelerated purchasing activity coincided with Ethereum’s impressive 30% weekly price appreciation, representing the cryptocurrency’s most powerful weekly performance since May 2025.
Thomas Lee’s Historical Analysis
Thomas Lee, Chairman of BitMine, referenced historical market patterns to provide context for the company’s aggressive buying strategy. He highlighted that Ethereum experienced a 167% price surge following a similar 30% weekly rally in July 2021, and achieved a 170% gain after a comparable weekly move in May 2025.
“These two historical instances demonstrate that a weekly gain exceeding 30% served as a launch point for substantially larger ETH price movements,” Lee stated in Monday’s announcement. “We anticipate that easing financial conditions will provide favorable tailwinds for the cryptocurrency market.”
Lee further indicated that emerging trends in asset tokenization and artificial intelligence agents leveraging blockchain infrastructure could position ETH to outperform Bitcoin during the current market cycle.
Market analyst Daan Crypto Trades (@DaanCrypto) observed on X that ETH concluded the week with its highest weekly closing price in approximately seven months, now positioned at the Weekly 200MA and EMA levels. He cautioned that a rejection below the $2,300 threshold could transform the rally into a liquidity sweep, potentially triggering a retracement toward the bull market support band.
ETF Activity and Technical Indicators
United States spot Ethereum ETFs experienced their most robust week since October, attracting $697 million in net capital inflows. BlackRock’s iShares Ethereum Trust (ETHA) dominated the inflows, capturing $536.8 million of the total.
Ethereum witnessed $108.8 million in liquidations over the previous 24-hour period, with short positions accounting for $68.3 million of the total liquidated value.
BitMine has staked approximately 5.07 million ETH, representing roughly 87% of its total holdings, and estimates annual staking revenue of around $330 million.
Technical analysis places Ethereum’s immediate resistance level at $2,678, with a secondary resistance target positioned at $2,865.
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