BitMine Acquires 21K ETH as Ethereum Slips Below $3K This Week

TLDR

• BitMine acquired 21,054 ETH worth $66.57 million from Kraken on November 18 during a market dip.
• The transfer happened as Ethereum’s price dropped below $3,000 for the first time since July.
• Ethereum traded around $2,997 this week which marked a four-month low driven by selling pressure.
• BitMine disclosed earlier in the week that it purchased over 54,000 ETH valued at around $173 million.
• The company now holds 3.6 million ETH which is close to 3 percent of Ethereum’s total circulating supply.

BitMine expanded its Ethereum reserves again this week. A wallet linked to the firm received 21,054 ETH from Kraken. The transfer occurred on November 18 at 19:22:59 UTC and was worth $66.57 million.

BitMine Boosts ETH Holdings During Dip

Ethereum dropped below $3,000 for the first time since July. On Tuesday, ETH traded around $2,997, hitting a four-month low. This decline followed increased selling activity and reduced market liquidity. CoinGecko reported that Ethereum fell 26% over the past month. BitMine’s acquisition coincided with the price weakness. However, the company has not confirmed this transaction.

BitMine added more than 54,000 ETH last week. The firm disclosed this transaction on Monday in a formal update. The value of that purchase reached approximately $173 million at the time. It marked one of the company’s largest recent buys.

The company now controls 3.6 million ETH. This amount represents nearly 3% of Ethereum’s total circulating supply. BitMine increased its cash reserves this week. The balance rose from $398 million to $607 million in under seven days.

This growth improved its liquidity position under current conditions. It came as the company maintained activity despite the broader decline. BitMine continues to hold equity in Eightco (ORBS). It also retains smaller positions in Bitcoin alongside its Ethereum strategy.

Tom Lee Comments on Market Strain

BitMine Chairman Thomas Lee linked recent volatility to shrinking liquidity. He said the pullback may stem from a missing market maker. “A big player might have exited after the October crash,” he wrote. He described the current state as “crypto QT.”

Lee compared this to conditions seen in 2022. That phase lasted between six and eight weeks during a similar slowdown. Lee believes the crypto peak remains distant. He stated that the current cycle may not top out until 2026 or later.

In a November note, he said structural trends support long-term strength. He pointed to increasing use cases for tokenized assets. “Tokenizing bonds, stocks, and real estate will boost demand for Ethereum,” Lee wrote. He continues to view blockchain as core infrastructure.

Despite market conditions, BitMine remains active. The wallet transaction came days after the company’s public update. The firm has not commented on the latest movement. Still, it aligns with its continued ETH accumulation pattern.

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