Bitmine buys $84 million in ETH as Tom Lee calls market pullback ‘attractive’ entry point: onchain data

Recent on-chain data indicates that Bitmine, a major institutional player, has strategically acquired approximately $84 million worth of Ethereum (ETH) during the latest market dip. This massive accumulation comes as Fundstrat’s Tom Lee describes the current price volatility as an “attractive” entry point for investors. According to blockchain analytics, several large-scale transactions were linked to Bitmine-associated wallets, capturing ETH at a significant discount relative to its monthly highs. This move underscores a growing trend of institutional ‘buy-the-dip’ behavior. Tom Lee recently reiterated his bullish stance on the crypto market, suggesting that the structural drivers for growth remain intact despite short-term pullbacks. Analysts believe that Bitmine’s substantial purchase serves as a strong signal of confidence in Ethereum’s long-term utility and market dominance, particularly as the network continues to lead in decentralized finance (DeFi) and institutional adoption.

Source: Bitmine buys $84 million in ETH as Tom Lee calls market pullback ‘attractive’ entry point: onchain data