BitMine Immersion Technologies, already established as the world's largest Ethereum (ETH) treasury company, has significantly amplified its ETH holdings through a strategic acquisition during a recent market dip. This aggressive accumulation positions the firm as a pivotal player in the Ethereum ecosystem, aiming for an even larger share of the total supply. However, the market's outlook on Ethereum's immediate price trajectory remains divided, with optimistic projections clashing with more cautious derivatives data.
BitMine's Dominant Ethereum Accumulation
During a recent market correction, BitMine Immersion Technologies capitalized on the "discount window" by acquiring an additional 202,037 ETH. This brought its total Ethereum stash to an impressive 3.03 million ETH, representing approximately 2.5% of Ethereum's total supply. Chairman Tom Lee noted that the firm is now more than halfway towards its ambitious target of holding 5% of the total ETH supply. This strategic move highlights BitMine's conviction in Ethereum's underlying fundamentals, viewing the recent liquidation cascade as an opportune moment for investors to accumulate at favorable prices.
Contrasting Market Outlooks for ETH
Despite BitMine's strong confidence, reflected in its aggressive accumulation, the broader market presents a mixed outlook for Ethereum's price. Chairman Tom Lee is notably bullish, projecting that ETH could reach $10,000 to $12,000 by the end of the year, implying a potential 2x to 3x increase from current levels, driven by aggressive spot demand and potential short squeezes. However, data from derivatives markets offers a more tempered view. Options traders on platforms like Deribit priced only a 2% chance of ETH hitting the $10,000 mark by year-end, although the probabilities improved for early to mid-2026. Similarly, prediction markets like Polymarket showed bettors were split 50/50 on Ethereum achieving a new All-Time High by year-end. In the short term, analysts suggest bulls must successfully defend the $3,800 support level and overcome the $4,200 resistance to foster upward momentum, otherwise, a decline below $3,500 could become a possibility.
