Ethereum’s recent price softness hasn’t scared everyone away — in fact, one of its most influential corporate holders has stepped up its accumulation while the rest of the market hesitates.
BitMine, already the largest institutional holder of Ether, boosted its stash this week with close to $200 million worth of fresh ETH purchases.
Key Takeaways
BitMine strengthened its position as the largest Ether treasury holder with nearly $200M in new buying.
Mid-sized wallets continue selling into weakness, while big whales show limited action.
Ethereum trades near $3,000 with RSI and MACD reflecting neutral momentum rather than trend strength.
Analysts point to the $2,600 zone as a critical support — holding it could spark a reversal, while losing it risks a slide toward $1,500.
Blockchain traces show two major inflows to BitMine-linked wallets — one sourced from BitGo and another involving FalconX — totaling more than 64,000 ETH acquired in 48 hours. The most recent batch, roughly 23,000 tokens, was secured on December 6 at slightly above $3,000 each.
Tom Lee(@fundstrat)'s #Bitmine just bought another 22,676 $ETH($68.67M) 4 hours ago.https://t.co/H5PQRjt2oBhttps://t.co/Oyc0Cm1tob pic.twitter.com/vey8AwqmnF
— Lookonchain (@lookonchain) December 6, 2025
This aggressive buying spree lands on top of BitMine’s already massive position. The firm disclosed holding 3.73 million ETH at the end of November, a cache now valued above $11 billion. Alongside Ether, its treasury includes positions in Bitcoin, Eightco Holdings and nearly $1 billion in cash — making BitMine second only to Michael Saylor’s Strategy in overall digital-asset value among corporations.
Technical Picture: Weakness Meets Accumulation
Ironically, BitMine is buying into a market that looks technically fragile. Ethereum has fallen more than 10% over the past month to around $3,000. The daily RSI hovers in neutral territory — neither oversold nor strong — and MACD momentum is flat, signaling hesitation rather than trend conviction.
On-chain behavior reinforces that uncertainty. Wallets holding between 1 and 10,000 ETH have been net sellers since recent peaks, while whales with more than 10,000 ETH have barely moved, leaving BitMine as the only major player visibly accumulating into weakness, rather than waiting on the sidelines.
Traders Identify Critical Levels Ahead
Market technician Merlijn describes Ethereum’s current structure as a decision zone — one mirroring its setup in May. He argues $2,600 is the level that separates recovery from breakdown. Hold it, and price could re-ignite higher. Lose it, and a slide toward $1,500 becomes increasingly likely.
ETHEREUM DECISION POINT
$2600 is the final line.
Break it and ETH bleeds.
Bounce and ETH ignites.– Same structure as May
– Same breakout level
– Same momentum zoneHold the line…
Or face the $1500 trapdoor. pic.twitter.com/CAMIi0aKTO— Merlijn The Trader (@MerlijnTrader) December 6, 2025
That interpretation aligns with chart compression: ETH is coiling near support boundaries where supply and demand are balanced. If bulls defend $2,600, BitMine’s buying could look prescient. If not, the downturn may deepen before accumulation resumes.
Long-Term Bulls Aren’t Shaken
Despite near-term caution, some analysts believe BitMine’s conviction is rooted in long-horizon projections. Fundstrat’s Tom Lee — who also chairs BitMine — suggests Ethereum could reach $12,000 if Bitcoin reaches $250,000, and potentially exceed $60,000 if Ethereum’s valuation relationship to Bitcoin strengthens over time amid tokenization demand and institutional adoption.
For now, Ethereum is torn between weak sentiment, neutral indicators, an institutional buyer scooping supply, and a technical battleground at $2,600. Whether the market follows BitMine’s lead or forces another downturn remains to be seen.
