Bitmine, owned by Tom Lee, purchased an additional 25,000 Ethereum valued at $41.09 million from BitGo in the last three days, accumulating a total of 125,000 ETH worth $206 million during this period. The purchases occurred as Ethereum's price dropped significantly, falling from close to $2000 at the end of May to a low of $1,661.50. The accumulation follows a pattern similar to the 'buy-the-dip' strategy popularized by Michael Saylor, where institutional buyers acquire assets during price declines.
Ethereum Price Drops from $2000 to $1,661.50
According to CoinMarketCap data, ETH was trading close to $2000 by the end of May and has since fallen to a low of $1,661.50. Large-scale purchases like Bitmine's remove a sizable portion of ETH from the liquid market, which are frequently considered bullish indicators.
Bitmine Stakes 4.72 Million ETH from Total Reserves
Bitmine has staked 4.72 million ETH from its total ETH reserves, indicating long-term holding intentions. Some observers view Bitmine as a yield-driven version of Strategy focused on Ethereum, drawing comparisons to Bitcoin treasury companies that follow similar accumulation patterns.
ETH ETF Records $270.1 Million Outflows in June
According to Farside Investors data, the majority of May and June witnessed millions of dollars going out of ETH ETFs. As of now in June, the ETH ETF has seen inflows of $101.7 million but outflows of $270.1 million.
![ETH ETF in June]()
Source: Farside Investors
Ethereum Spot Taker CVD Shifts to Buy Dominance
In June, Ethereum's Spot Taker CVD switched from strong sell dominance in May to buy dominance. This indicated that the supply is once again being absorbed by spot buyers as aggressive selling pressure has subsided. The change suggests renewed accumulation rather than ongoing distribution.
![Ethereum Spot Taker CVD (Cumulative Volume Delta, 90-day)]()
Source: CryptoQuant
FAQ
What did Bitmine purchase in the last three days?
Bitmine purchased 125,000 ETH valued at $206 million in the last three days, with the most recent transaction being 25,000 ETH worth $41.09 million acquired from BitGo.
How much has Ethereum's price declined since the end of May?
Ethereum was trading close to $2000 by the end of May and has since dropped to a low of $1,661.50, representing a significant decline during this period.
