Tom Lee’s BitMine Immersion Technologies bought more Ethereum (ETH), pushing its holdings past 3% of the altcoin’s supply.
According to on-chain analytics platform Lookonchain, the world’s largest ETH treasury company acquired $199 million worth of Ethereum in the last 48 hours.
On Friday, the company purchased 41,946 ETH worth $130.7 million. It then acquired another 22,676 ETH for $68.67 million 24 hours later.
Tom Lee(@fundstrat)’S #Bitmine just bought another 22,676 $ETH($68.67 million) 4 hours ago.https://t.co/H5PQRjt2oBhttps://t.co/Oyc0Cm1tob pic.twitter.com/vey8AwqmnF
— Lookonchain (@lookonchain) December 6, 2025
BitMine owns more than 3% of the supply of ETH
After these purchases, BitMine now owns 3.73 million ETH tokens worth $11.38 billion, according to data from StrategyETHReserve.
BitMine ETH holdings (Source: StrategicETHR Reserve)
That brings its supply to 3.08% of ETH’s total supply. This has moved the company more than 61% towards its goal of owning 5% of the crypto supply as part of its ‘Alchemy of 5%’ plan.
BitMine could continue its ETH purchases in the coming weeks, as it maintains approximately $882 million in cash reserves that can be used for future purchases.
That could allow the company to establish its dominance in the ETH treasury market, where activity has slowed over the past three months. During this period, ETH purchases fell by 81%, from 1.97 million ETH in August to 370,000 ETH purchased in November.
During that slowdown, BitMine had also bought most of the ETH. In the past month, the company purchased 679,000 ETH worth $2.13 billion.
Smart money traders bet against ETH in the short term
As BitMine replenishes its ETH reserves, the best-performing traders in the crypto space in terms of returns, which are tracked as “smart money” traders on Nansen’s platform, betting on the short-term depreciation of the altcoin.
Smart money traders added $2.8 million in short positions in the last 24 hours, with a cumulative short position of $21 million.
Meanwhile, US Ethereum ETFs (exchange traded funds) are currently on a two-day outflow streak. Data from Farside Investors shows that investment products saw outflows of more than $110 million at the end of the business week.
Investors withdrew $41.5 million from spot ETH ETFs on December 4, followed by another $75.2 million during the last trading session.
That was an extension of last week’s negative trend, when funds recorded outflows on four out of five days. The only day that saw net daily inflows was on Wednesday, when investors injected $140.2 million into the funds on the day.
ETH Price is trying to break out of the consolidation channel
The recent purchases by BitMine come as the ETH price has remained flat over the past week after dropping 9% over the past month. Over the past 24 hours, the crypto has managed to rise a fraction of a percentage, facts of CoinMarketCap shows.
Daily chart for WETH/USD (Source: GeckoTerminal)
However, ETH’s flat trading may soon come to an end as the altcoin attempts to break out of the consolidation channel between $2,707 and $3,055 it has been trading in for the past two weeks.
ETH has already managed to cross the USD 3,055 resistance but has since returned to trade below the level again. Should bulls attempt to push ETH above this point again in the next 48 hours, the crypto could rise to $3,606 in the near term.
Conversely, bears taking back control could result in a continuation of the recent oscillation. In an extreme case, sellers could even push ETH below the $2,707 support to a low of $2,331.
Technical indicators such as short-term Exponential Moving Averages (EMAs), the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) show that momentum has stalled. As such, bears or bulls can take over and push Ethereum’s price in the desired direction.
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