Key takeaways
How much did BtMine buy during the dip?
The company acquired 202,037 ETH, bringing its overall reserve to 3.03 million ETH in just three months of accumulation.
Will accumulation increase the value of ETH?
According to Tom Lee, the price of ETH could reach $10,000-12,000 by the end of the year, but options traders were pessimistic about the targets.
BitMine Immersion Technologies (NYSE: BMNR), the largest Ethereum (ETH) treasury company, announced that its holdings reached 3.03 million ETH, or 2.5% of the total supply.
During the recent dip, the company purchased an additional 202,037 ETH. Now we are halfway to the 5% ETH supply target, note President Tom Lee, welcoming the recent reduction window.
“The crypto sell-off over the past few days has led to a drop in the price of ETH, from which BitMine has taken advantage. We are now more than halfway to our initial pursuit of “5% alchemy”.”
Lee added that the recent cascade of liquidations has brought ETH trading to a discount to its fundamentals and its future, creating an “advantage for investors, to the detriment of traders”.
ETH accumulation in October
The company now holds more than three times as much ETH as the second largest ETH treasury company, SharpLink Gaming.
Source: ETH Strategic Reserve
Overall, ETH strategy firms held 5.9 million ETH, almost 5% of the total supply, after adding 500,000 ETH over the past two weeks.
Collectively, with the ETFs, the entities control 12.7 million ETH, worth over $49 billion at current prices.
Source: ETH Strategic Reserve
Aggressive Spot demand following the recent flash crash, this could be the perfect setup for a short press for bears betting on muted price action.
In fact, Lee projected that the price of ETH could reach $10,000-12,000 by the end of the year, implying a potential 2-3x increase from current levels.
Derivatives Markets Disagree
But options data showed traders were very pessimistic about targets.
On Deribitoptions traders were pricing in a 2% chance that the $10,000 level could be reached by the end of the year. However, the chances of hitting the price range have improved in early to mid-2026.
Source: Déribit
But on the Polymarket prediction site, punters were 50/50 on ETH reaching a new ATH by the end of the year.
In the short term, however, bulls need to defend $3.8k and clear the $4.2k hurdle to advance north. Otherwise, a slide below $3.5k could be achievable if sentiment deteriorates in the coming days.
Source: ETH/USDT, TradingView
