Tom Lee-led Bitmine has amassed 5,672,956 Ethereum (ETH) worth approximately $10 billion, including a recent purchase of 52,203 ETH for $92 million last week. The accumulation comes as ETH trades at $1,689.19, down 2.51% in a day, and spot ETH ETFs recorded $66.1 million in outflows on June 22. Despite the bearish price action, Bitmine has also staked 4,718,677 ETH valued at $8.2 billion at an average price of $1,733 per ETH.
Why Bitmine keeps buying
Lee has stated the company plans to steadily build its position through 2026, describing the current market as the early stage of a new bullish cycle he calls "crypto spring." He believes tokenization and advances in artificial intelligence will drive exponential demand for blockchain and decentralized crypto. Lee dismissed concerns about the Ethereum Foundation's ability to fund network upgrades, calling the idea of a funding crisis "zero chance." Bitmine aims to achieve what Lee calls the "alchemy of 5%" by 2026, though the exact target remains unclear.
Trader sentiment and on-chain signals
Despite ETH dropping about 65% from its all-time high, bullish traders are holding their positions. The OI-Weighted Funding Rate on Ethereum remains largely positive, indicating persistent long bias. Liquidity data shows large clusters around $1,900 and $1,600, suggesting that a move in either direction could trigger forced liquidations of leveraged positions. Exchange flows have been inconsistent in June, with both deposits and withdrawals occurring as prices steadily declined. The recent rise in exchange deposits may signal some holders preparing to sell or increase trading activity amid market volatility.
Mixed outlook
On-chain metrics offer a divided picture of Ethereum's near-term trajectory. While Bitmine's aggressive accumulation and strong long sentiment suggest confidence, the persistent ETF outflows and price weakness point to cautious market participants. The coming months will test whether Lee's conviction in a "crypto spring" materializes or if the bearish pressure continues to weigh on ETH.