BitMine Immersion Technologies increased its Ethereum reserves again this week, taking advantage of a fresh market dip as ETH dropped below $3,000 for the first time since July.
According to blockchain analytics platform Lookonchain, a new wallet associated with BitMine received 21,054 ETH from Kraken. The transfer, worth $66.57 million, was recorded on November 18 at 19:22:59 UTC.
Although the timing aligns with BitMine’s ongoing buying trend, the company has not confirmed the transaction.
Ethereum Drops to a Four-Month Low
Meanwhile, this wallet activity coincided with the ongoing downturn in Ethereum’s price. ETH traded near $2,997 this week, marking a four-month low amid intensified selling pressure.
CoinGecko data shows ETH has dropped 26% over the past month, highlighting the sharp decline that may open up new buying opportunities for large holders like BitMine.
Earlier ETH Purchases by BitMine
Notably, the new acquisition comes just days after BitMine disclosed a separate major purchase. On Monday, the company said it added more than 54,000 ETH the previous week, valued at approximately $173 million.
With this addition, BitMine now holds 3.6 million ETH, pushing the firm close to controlling 3% of Ethereum’s circulating supply. The company also maintains smaller positions in Bitcoin and holds equity in Eightco (ORBS).
Additionally, its cash reserves have risen from $398 million the previous week to $607 million. This growth underscores the company’s stronger liquidity, despite tightening market conditions.
Tom Lee Links Market Weakness to Liquidity Stress
BitMine Chairman Thomas Lee (a.k.a. Tom Lee) attributed the current crypto weakness to a sudden drop in liquidity.
He suggested that a major market maker may have pulled back after the October 10 crash, thus creating short-term strain. Lee likened the situation to a form of crypto quantitative tightening (QT), noting a similar phase in 2022 lasted six to eight weeks.
Although the market remains volatile, Lee expressed that he does not see crypto reaching its cycle peak yet. In his November note to investors, he indicated that key structural trends might delay the peak until 2026 or later.
He also highlighted asset tokenization, including bonds, stocks, and real estate on Ethereum, as a trend that could reshape financial markets and strengthen long-term demand for blockchain infrastructure.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
