BitMine acquires $150M ETH, targeting 5% of total circulating supply.
Tom Lee forecasts Ethereum could reach $62,000, 25% of Bitcoin’s value.
ETH/BTC shows bullish structure, breakout likely with institutional backing.
Ethereum investors face renewed excitement as BitMine, the world’s largest Ethereum treasury company, purchased $150 million worth of ETH on Wednesday. The aggressive acquisition comes amid ongoing market turbulence, signaling BitMine’s commitment to long-term Ethereum growth
On-chain analytics platform Arkham revealed that BitMine acquired 18,345 ETH via BitGo and 30,278 ETH through Kraken. Although the company has not officially confirmed these purchases, Arkham noted the activity matches BitMine’s established buying patterns.
BitMine continues pursuing its goal of holding 5% of Ethereum’s total circulating supply. Analysts reported that the company already owns 97,650 ETH this week, pushing its holdings to $12 billion, or 3.16% of the total supply
Previously, during November’s market slump, BitMine purchased 96,798 ETH, further reinforcing its long-term strategic accumulation. The company consistently emphasizes its mission to support Ethereum’s expanding role in financial markets and blockchain adoption.
Tom Lee Forecasts Ethereum Surge
Adding to the bullish sentiment, prominent analyst Tom Lee made bold projections during Binance Blockchain Week in Dubai. Lee predicts Ethereum could reach $62,000 and eventually trade at 25% of Bitcoin’s value
“Ethereum is having its 1971 moment,” Lee said, referring to the U.S. dollar’s decoupling from the gold standard, which reshaped global finance. He argued that tokenization—covering stocks, bonds, and real estate—is the crypto equivalent, and Ethereum provides the foundation for these smart contract-based financial products.
Lee highlighted Ethereum’s dominance in Real-World Assets (RWA), with $10.7 billion locked on the network out of a $16.29 billion total. This infrastructure, he suggests, will enable Ethereum to outperform Bitcoin for the remainder of the year. “I think Bitcoin will hit $250,000 within a few months, and if Ethereum is worth 0.25 of that, that would be $62,000,” Lee concluded.
Charts Support Optimism
Technical analysts echo the bullish outlook. GalaxyTrading observed that the ETH/BTC pair is positioned perfectly for a major bullish breakout. The key zone to watch lies between 0.050 and 0.055 BTC, a historic supply wall
Analysts note a clean breakout on the first attempt is unlikely, but continued accumulation by BitMine and endorsements from figures like Lee could accelerate momentum. Hence, Ethereum’s technical setup aligns with growing institutional support.
The post BitMine’s $150M Ethereum Buy Sparks Market Buzz appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
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