In the current market downturn, BitMine Immersion Technologies has purchased 23,773 Ether in the past three days, while its chairman has postponed his prediction for Bitcoin's historical high.
According to a post on X by the cryptocurrency data analysis platform Lookonchain, Bitmine bought 7,080 Ether (ETH) for about $19.8 million on Monday.
The same wallet also purchased 16,693 ETH for about $50.1 million on Saturday, bringing the total purchases over the past three days to nearly $70 million.
These actions continue the momentum from last week when Bitwise purchased 96,800 ETH for about $273.2 million.
According to data from strategicethreserve.xyz, Bitmine is the largest digital asset treasury company (DAT) for ETH in the market, with a significant lead.
Bitmine has now completed 62% of its goal to hold 5% of the Ether supply. However, the company is currently at a loss at the current price, as it announced on Sunday that it holds 3.7 million ETH, with an average purchase price of $3,008 per token.
BitMine's chairman, Tom Lee, has been adjusting his predictions for Bitcoin as the cryptocurrency market stumbles towards the end of 2025.
Until October of this year, Lee had predicted that Bitcoin (BTC) would reach a new historical high of $250,000 by the end of 2025. However, he retracted this prediction last week, speculating that Bitcoin "might" reach its historical high again by the end of this year.
In an interview with CNBC on Sunday, Lee adjusted his prediction again, now speculating that Bitcoin will set a new historical high in January.
He said, "I do believe Bitcoin can set a historical high by the end of January," adding that "it will largely depend on the recovery of the stock market, which we expect to recover."
Additionally, Jeff Dorman, Chief Investment Officer of digital asset investment firm Arca, stated that there is no specific reason for the cryptocurrency market's downturn.
Dorman pointed out several bullish fundamentals in the market in a post on X on Monday.
He said, "Wall Street is seeing all the same bullish signals I am seeing—stocks, credit, and gold/silver markets are all hitting historical highs every month, as the Federal Reserve is cutting rates, quantitative tightening is coming to an end, consumer spending is strong, record earnings, AI demand remains very strong, and so on," he added:
Dorman believes that part of the issue may be due to liquidity problems, as he pointed out potential difficulties for large institutions like Vanguard and State Street in terms of inflows.
He wrote, "So, while Vanguard, State Street, BNY, JPM, MS, GS, etc. are all coming soon, which is good, they haven't arrived yet today. They won't do so until they can easily purchase through their existing authorizations and systems."
Related: CME Ethereum futures trading volume surpasses Bitcoin, reigniting the ETH "supercycle" debate
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