The Ethereum price plummeted from $4,900 to $3,000, with BitMine allegedly central to this sharp decline. Is this significant volatility a sign of market manipulation or a strategic accumulation opportunity? The coming weeks may reshape the ETH trajectory.
This morning, Ethereum (ETH) is trading at $3,068 — which is 37% below its peak of $4,922 in mid-August — even as we may be witnessing the most aggressive institutional accumulation campaign ever seen on this network.
BitMine Immersion Technologies (NASDAQ: BMNR), the publicly traded company chaired by Tom Lee (Fundstrat), now holds 3.73 million ETH, worth approximately $11.4 billion. This represents 3.1% of the total circulating supply — a proportionally larger position than MicroStrategy’s Bitcoin holdings.
And yet, the price continues to fall. Here’s why this time, the playbook isn’t repeating itself.
July to September 2025: BitMine added 2.44 million ETH (+1,495% treasury increase) while ETH surged +66.8% to $4,922. The pattern was crystal clear:
It was the 2025 version of the 2021 MicroStrategy playbook, and it worked flawlessly.
For now, BitMine’s average purchase cost since October is around $3,250. This puts them at a current unrealized loss on their entire treasury of $2.1 billion in less than three months.
The major technical support level sits at $2,620 to $2,800. Below that, we enter a zone where even corporate treasuries begin to doubt.
Despite all this, Tom Lee maintains his long-term target of $12,000 to $62,000 and continues buying, but the market is sending him a clear message: today, a single large buyer is no longer enough to reverse the trend when the overall liquidity structure is broken.
In conclusion, BitMine hasn’t lost its conviction — the market has lost its ability to absorb buying pressure like before.
Buy your ETH and stake it simply in the best wallet on the market. Take advantage of our offer ending soon: 50% off or $90 in BTC offered for purchasing a Ledger here:
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Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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