BitMine Immersion Technologies has acquired another 23,773 Ether over the past three days amid the current market slump, as its chairman pushed back his prediction on Bitcoin’s all-time high.
According to an X post by the crypto data analytics platform Lookonchain, Bitmine purchased 7,080 Ether (ETH) for approximately $19.8 million on Monday.
The same wallet also purchased 16,693 ETH for approximately $50.1 million on Saturday, bringing the total to nearly $70 million over the past three days.
These acquisitions continue the momentum from last week, which saw Bitwise purchase 96,800 ETH for around $273.2 million.
Bitmine is the largest ETH digital asset treasury firm (DAT) on the market by a significant margin.
Bitmine’s goal is now 62% of the way to its objective of holding 5% of the Ether supply. However, the firm is currently in the red at current prices, as it posted on Sunday that it holds 3.7 million ETH at an average purchasing price of $3,008 per token.
Tom Lee Shifts Bitcoin Call Amid Crypto Market Uncertainty
Bitmine’s chairman, Tom Lee, has been adjusting his prediction for Bitcoin as the crypto market has stumbled toward the end of 2025.
Until October this year, Lee had been tipping Bitcoin (BTC) to hit a new all-time high of $250,000 by the end of 2025. However, he walked back the call last week, speculating Bitcoin could “maybe” regain its all-time high at the end of this year.
Lee shifted his forecast again during an interview with CNBC on Sunday, now speculating that Bitcoin will hit a new all-time high in January.
“I do think Bitcoin can make an all-time high by the end of January,” he said, adding that “a lot of its gonna depend on equities recovering, which we expect it to.”
Market Analysts Question Crypto Slump's Underlying Causes
Jeff Dorman, the chief investment officer of digital asset investment firm Arca, stated that there is no concrete reason for the crypto market's current suffering.
In an X post on Monday, Dorman pointed to bullish fundamentals across multiple markets.
“Wall Street is seeing all of the same bullish signs that I'm seeing -- equity, credit and gold/silver markets are launching to ATHs every month because the Fed is cutting rates, QT is ending, consumer spending is strong, record earnings, AI demand still incredibly strong, etc.,” he said, adding:
“Meanwhile, all of the ‘supposed reasons’ for crypto selling off are easily debunked, or have reversed -- MSTR isn't selling, Tether isn't insolvent, DATs aren't selling, NVDA isn't blowing up, the Fed isn't turning hawkish, the tariff wars aren't restarting, etc.”
Dorman argued that part of the issue could be due to liquidity problems, as he pointed to potential difficulties in on-ramping for large institutions such as Vanguard and State Street.
“So while it’s great that Vanguard, State Street, BNY, JPM, MS, GS, etc are all COMING, they aren’t here today. And until it’s easy to buy via their existing mandates and systems, they just won’t do it,” he wrote.