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Ethereum Supercycle Incoming? BitMine Bets Billions on ETH Recovery
BitMine Bets Billions on ETH Recovery – Despite ongoing market turbulence following the October crash, Bitcoin (BTC) and Ethereum (ETH) remain below their pre-crash highs — but institutional buyers are treating this downturn as a golden opportunity.
Corporate Confidence Grows as Prices Dip
While BTC and ETH saw weekly losses of 4.28% and 6.50%, respectively, big-name firms are moving in. At the time of writing, Bitcoin was trading at $109,524, and Ethereum at $3,932 — both down more than 10% from their pre-crash levels. Yet this hasn’t discouraged long-term believers.
BitMine Immersion Technologies, led by Tom Lee, ramped up its ETH holdings with a massive $250 million purchase through Bitgo and Kraken, according to blockchain analytics firm Arkham Intelligence. The firm now holds over 3.3 million ETH, valued at $13 billion, representing 2.7% of total ETH supply. BitMine is now past the halfway point toward its goal of owning 5% of Ethereum’s circulating supply.
Lee framed the dip as a compelling buying opportunity, pointing to what he called the beginning of an Ethereum supercycle. He noted that current open interest levels are similar to those seen when ETH was just $2,500, emphasizing the disconnect between fundamentals and price.
Strategy Stays Bullish on Bitcoin
Not to be outdone, Strategy (formerly MicroStrategy) also expanded its BTC portfolio. Michael Saylor announced the acquisition of 168 BTC for $18.8 million, at an average price of $112,051. Strategy now controls a staggering 640,418 BTC, worth over $69.3 billion.
Stock Market Rewards Bold Crypto Bets
Investor response has been positive. BitMine (BMNR) shares rose 7.92% to $53.8, while Strategy (MSTR) gained 2.3%, closing at $296.6.
As institutional inflows persist, market watchers are eyeing these bold moves as potential signals of a larger cycle shift—despite ongoing volatility.
