BitMine buys $201 million worth of Ethereum as whales double down on ETH investment

Tom Lee’s BitMine, which is the world’s largest Ethereum (ETH) holding company, has purchased another $201 million worth of altcoin as whales also double down on their investment in crypto.

Indeed, the price of ETH fell more than 1% in the past 24 hours to trade at $2,945.17 as of 12:40 a.m. EST, according to CoinMarketCap. data. This is a minor deviation from the altcoin leader’s uptrend over the past month. As such, ETH is still over 4% in the green over a 30-day period following the recent retracement.

BitMine and other big buyers double their ETH investment

According to a December 24

In the last 24 hours alone, Tom Lee(@fundstrat) #Bitmin bought 67,886 more $ETH ($201 million). pic.twitter.com/80bLXOTzbL

– Lookonchain (@lookonchain) December 24, 2025

The company shared a snapshot of on-chain data from Arkham Intelligence, which shows that BitMine purchased ETH from FalconX, BitGo, and Kraken.

BitMine currently holds 4.07 million ETH on its balance sheet, data from StrategicETHReserve watch. At current prices, the stock is valued at approximately $11.97 billion.

Earlier this week, BitMine announced that it purchased 3,967,210 ETH for over $11.68 million last week.

The continued purchases are part of the company’s goal to hold 5% of the total ETH supply. Following the purchases confirmed on Monday, BitMine now holds 3.36% of the altcoin king’s supply.

As BitMine continues its accumulation, Lookonchain also noted that a whale, which previously purchased 528,272 ETH for $1.57 billion, made another large purchase. In a previous X job Today, the on-chain analytics firm said the whale purchased 40,975 tokens worth $121 million in the last 24 hours.

Since November 4, this whale has purchased a total of 569,247 ETH for $1.69 billion, Lookonchain added.

Institutional asset manager Fasanara Capital also joined the trend and purchased 6,569 ETH for $19.72 million in the last two days, Lookonchain. note. The company then borrowed 13 million USDC to purchase even more tokens.

ETH price faces strong technical resistance

The recent ETH purchases come as the altcoin continues to trade within a consolidation channel between $2,690 and $3,060.

Daily chart for WETH/USD (Source: GeckoTerminal)

Technical indicators such as the Moving Average Convergence Divergence (MACD), Relative Strength Index (RSI), and short-term exponential moving averages (EMA) suggest that ETH has strong resistance to overcome before it can recover.

The 9th and 20th EMA, which coincides with the $3,060 resistance level, is currently pushing ETH price lower.

Meanwhile, the RSI sitting below the neutral 50 mark, at around 44, suggests that sellers have a slight advantage over buyers from a strength perspective. Additionally, the RSI has a negative slope, which could be an early warning that bears are getting stronger.

The bulls do, however, have a slight advantage in momentum, as shown by the current MACD alignment above the MACD signal line.

Before the bulls can gain momentum, ETH will need to overcome resistance at $3,060. A break above this level could lead to a rally to the next major barrier at $3,601. Conversely, a rejection of the $3,060 resistance or a decision by sellers to intervene at current levels could lead to either a fall to $2,690 or a prolonged period of sideways trading.

Related articles:

Best Wallet – Diversify your crypto portfolio

• Easy-to-use, feature-driven crypto wallet
• Get Early Access to Upcoming Token ICOs
• Multi-chain, multi-wallet, non-custodial
• Now on App Store, Google Play
• Stake to win a $BEST native token
• More than 250,000 active users per month