Bitmine Drops $81M on Ethereum as Tom Lee Eyes Bigger Rally
Tom Lee's treasury firm Bitmine just dropped $81 million on Ethereum—its biggest weekly ETH haul since early July.
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Key takeaways
- Bitmine bought $81 million in Ethereum, its largest weekly purchase since early July.
- The buy comes right after ETH posted a massive 30% weekly price rally.
- Tom Lee says the sudden surge could signal an even bigger move ahead for the asset.
Bitmine just scooped up $81 million in Ethereum over a single week. That marks the treasury firm's biggest weekly ETH haul since early July, ramping up its corporate hoarding right as the asset catches fire.
They didn't buy quietly before the run-up, either. This aggressive purchase came right on the heels of a sharp market surge that saw Ethereum jump 30% over the week, smashing out of its recent range and grabbing heavy market attention.
Bitmine founder Tom Lee doesn't think the show is over. He noted that the 30% weekly rally could just be the prelude to a much larger upward move for the asset.
Why it matters
Always follow the money. When treasury outfits throw tens of millions into spot crypto right in the middle of a price surge, it signals real corporate conviction—not fast retail traders grabbing a quick profit. Massive treasury buys strip real supply right out of circulation. If Lee's call lands and ETH is gearing up for a bigger breakout, this heavy institutional demand is going to put a serious squeeze on exchange liquidity.
Source: CoinDesk
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