Institutional giant BitMine Immersion Technologies, chaired by Tom Lee, appears to have seized the latest market downturn as a buying opportunity — accumulating another 104,336 Ether (ETH) worth approximately $417 million, according to on-chain data.

Blockchain tracking firm Lookonchain reported that three fresh wallets tied to BitMine received large ETH transfers from Kraken and BitGo within a seven-hour window on Thursday. The purchases occurred as Ether dropped by over 20% from its August all-time high of $4,946, bottoming near $3,945 before stabilizing around $4,000.

Related reporting: Ether Shows Resilience After Crypto’s ‘Black Monday’ Meltdown, Down Just 6.7% as Altcoins Collapse

“Despite the crypto market crash, Tom Lee still predicts ETH will hit $10,000 by year-end,” Lookonchain noted, citing the firm’s continued confidence in Ethereum’s long-term value.

BitMine, which already holds the world’s largest corporate Ether treasury, has now accumulated 3 million ETH, representing 2.5% of the total circulating supply. The latest acquisition follows an earlier announcement that the firm purchased 202,037 ETH earlier in the week during the post-crash recovery phase.

Blockchain analytics platform Arkham Intelligence corroborated the data, noting that three newly created whale wallets — each accumulating around $75 million in ETH — mirrored BitMine’s previous acquisition pattern from BitGo, suggesting coordinated institutional accumulation.

BitMine associated Ether transactions. Source: Arkham

Digital Treasuries Stay Bullish Amid Market Chaos

While many retail traders remain shaken by the recent volatility, Digital Asset Treasuries (DATs) such as BitMine appear unfazed, seeing steep price corrections as strategic accumulation windows. According to StrategicEthReserve, total ETH held by public treasuries now stands at 5.9 million ETH (worth roughly $23.7 billion), with BitMine alone accounting for half of that.

“BitMine’s strategy has been consistent — buy when others panic,” said market strategist David Liu. “Institutions see Ethereum’s network growth and upcoming protocol upgrades as key drivers of future value.”

Market Analysts Eye Recovery Toward $6K–$10K

Despite the ongoing correction, several top analysts remain bullish. Fundstrat’s Tom Lee and BitMEX co-founder Arthur Hayes both reaffirmed predictions that Ether could reach $10,000 by the end of 2025, citing increasing institutional adoption and improving liquidity.

Independent analyst Rekt Fencer compared Ether’s current structure to Bitcoin’s 2020–2021 rally, predicting a potential move to $15,000 this cycle. Similarly, Crypto Bullet noted that ETH’s chart pattern closely mirrors Bitcoin’s pre-breakout phase in 2024, forecasting a rise to $6,000–$7,000 by year-end.

“Ethereum’s recent pullback is technical, not fundamental,” said Hayes. “Institutional accumulation like BitMine’s confirms long-term confidence in ETH.”