BitMine Immersion Technologies has acquired an additional 23,773 Ether over the last three days amidst the current market downturn, as its chairman revised his forecast on Bitcoin’s all-time high.
As reported by the crypto data analytics platform Lookonchain in an X post, BitMine purchased 7,080 Ether (ETH) for about $19.8 million on Monday.
The same wallet also acquired 16,693 ETH for approximately $50.1 million on Saturday, totaling nearly $70 million over the last three days.
These transactions continue the momentum from last week, in which Bitwise purchased 96,800 ETH for around $273.2 million.
BitMine is the leading ETH digital asset treasury firm (DAT) in the market by a significant margin, according to strategicethreserve.xyz.
BitMine’s goal is now 62% of the way towards holding 5% of the Ether supply. However, the firm is currently in a loss at present prices, since it announced on Sunday that it possesses 3.7 million ETH at an average buying price of $3,008 per token.
Tom Lee modifies Bitcoin forecast for next all-time high
BitMine’s chairman, Tom Lee, has been adjusting his Bitcoin predictions as the crypto market has faced challenges toward the close of 2025.
Up until October this year, Lee had been anticipating Bitcoin (BTC) to reach a new ATH of $250,000 by the end of 2025. However, he revised this forecast last week, suggesting Bitcoin could “perhaps” return to its all-time high by the end of this year.
Related: BitMine, Strategy, SharpLink stocks outperform crypto market recovery
Lee has shifted once more during a CNBC interview on Sunday, now predicting that Bitcoin could achieve a new all-time high in January.
“I believe Bitcoin can reach an all-time high by the end of January,” he remarked, noting that “a lot of it will depend on the recovery of equities, which we anticipate.”
Meanwhile, Jeff Dorman, the chief investment officer at digital asset investment firm Arca, stated that there isn’t a clear reason for the current struggles in the crypto market.
In an X post on Monday, Dorman highlighted bullish fundamentals across various markets.
“Wall Street is observing all the same bullish indicators that I am — equity, credit, and gold/silver markets are reaching new ATHs each month as the Fed reduces rates, QT is concluding, consumer spending remains robust, record earnings, AI demand is still incredibly strong, etc.,” he stated, adding:
“At the same time, all the ‘supposed reasons’ for the crypto sell-off can be easily debunked or have reversed — MSTR isn’t selling, Tether isn’t insolvent, DATs aren’t offloading, NVDA isn’t crashing, the Fed isn’t becoming hawkish, the tariff wars aren’t reigniting, etc.”
Dorman suggested that part of the problem might stem from liquidity challenges, noting potential obstacles for institutional giants like Vanguard and State Street.
“So while it’s promising that Vanguard, State Street, BNY, JPM, MS, GS, etc., are all COMING, they aren’t here at the moment. Until it’s straightforward to buy through their existing mandates and systems, they simply won’t do it,” he wrote.
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