Tom Lee’s BitMine, the largest corporate holder of Ethereum (ETH) worldwide, has bought another $201 million worth of altcoin, while whales are also doubling down on their crypto coins.
That’s because the price of ETH has fallen more than 1% in the last 24 hours to trade at $2,945.17 as of 12:40 a.m. EST, according to CoinMarketCap. facts. This was a slight departure from the bullish trend the altcoin leader has been in for the past month. As such, ETH is still more than 4% in the green within the 30-day time frame of the recent retracement.
BitMine and other big buyers are doubling down on ETH
According to a December 24 post
In the last 24 hours alone, Tom Lee (@fundstrat)’S #Bitmine has purchased another 67,886 $ETH ($201 million).https://t.co/hXCQQvO6ZFhttps://t.co/m3WT8Jwh6xhttps://t.co/kgEOkAgTYa pic.twitter.com/80bLXOTzbL
— Lookonchain (@lookonchain) December 24, 2025
The company shared a snapshot of on-chain data from Arkham Intelligence, showing that BitMine purchased FalconX, BitGo, and Kraken’s ETH.
BitMine currently has 4.07 million ETH on its balance sheet, data from StrategicETHReserve shows. At current prices, the stock is valued at approximately $11.97 billion.
At the beginning of the week, BitMine had announced that it had purchased 3,967,210 ETH last week for over $11.68 million.
The continued purchases are part of the company’s goal to own 5% of the total supply of ETH. Following the confirmed purchases on Monday, BitMine now owns 3.36% of the altcoin king’s supply.
As BitMine continues its accumulation, Lookonchain also noted that a whale, which had previously purchased 528,272 ETH for $1.57 billion, has made another major purchase. In an earlier X after Today, the on-chain analytics company said that the whale purchased 40,975 tokens worth $121 million in the last 24 hours.
Since November 4, the whale has purchased a total of 569,247 ETH for $1.69 billion, Lookonchain added.
Institutional asset manager Fasanara Capital also joined the trend and bought 6,569 ETH for $19.72 million in recent days, Lookonchain noted. The company then borrowed 13 million USDC to purchase even more tokens.
ETH price is facing strong technical resistance
The recent ETH buying comes as the altcoin continues to trade in a consolidation channel between $2,690 and $3,060.
Daily chart for WETH/USD (Source: GeckoTerminal)
Technical indicators such as the short-term Moving Average Convergence Divergence (MACD), the Relative Strength Index (RSI), and Exponential Moving Averages (EMAs) suggest that ETH must overcome strong resistance before it can rise.
The 9 and 20 EMA, which coincide with the $3,060 resistance level, are currently pushing down the ETH price.
Meanwhile, the RSI reading below the neutral 50, around 44, suggests that sellers have a slight upper hand over buyers from a strength perspective. Furthermore, the RSI has a negative slope, which could be an early warning that the bears are getting stronger.
However, bulls have a slight upper hand in terms of momentum, as evidenced by the current alignment of the MACD above the MACD signal line.
Before bulls can gain momentum, ETH will have to overcome the USD 3,060 resistance. A break above this level could lead to a rally towards the next major barrier at $3,601. Conversely, a rejection of the USD 3,060 resistance or sellers deciding to enter at current levels could lead to a plunge towards USD 2,690 or an extended period of sideways trading.
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