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Many traders are betting that the crypto market bottom could be found soon, which is prompting large players to take more aggressive positions.
It has emerged that Bitmine Immersion Technologies is aggressively building its Ethereum position despite market pessimism. According to the data, its reserve has grown to 5.62 million Ethereum — 4.66% of the total supply of the world's second-largest cryptocurrency. At roughly $1,718 per coin, that is about $9.66 billion, making the company the largest corporate holder of Ethereum globally and the second-largest corporate crypto holder overall — behind only Strategy's $54 billion Bitcoin position. Over the past week, the firm added 76,881 Ethereum, bringing Bitmine closer to its stated "5% alchemy" goal — controlling 5% of the aggregate 120.7 million token supply, which the company expects to reach during 2026.
Chairman Tom Lee explains the brisk buying simply: current prices do not reflect stronger fundamental network metrics, and he views the downturn as an opportunity. "This is not surprising, given that we are in the early stages of a crypto spring," Lee said. The logic is straightforward: the lower the price, the more Ethereum you can buy with the same capital — and Bitmine is taking advantage of that, increasing its position precisely when most institutional investors are withdrawing funds from Ethereum ETFs.
In addition to Ethereum, the company holds 204 Bitcoin as well as cash and securities of $502 million — a solid cushion for further buying.
Tom Lee is betting that staking yields and fundamental network growth will ultimately outweigh short-term price weakness — and he is backing that bet with real purchases, not just talk of a $250,000 target for Ethereum. Importantly, on paper, the company is currently reporting losses in the billions, and if the crypto market and Ethereum fall further (as many analysts predict), things could turn sour, and the crypto spring could become a long crypto winter.
Trading recommendations
Bitcoin
Buyers are currently targeting a reclaim of $67,700, which would open a direct path to $69,400 and put $71,400 within reach; breaking above that level would signal attempts to restore a bull market. On the downside, buyers are expected around $65,800. A move back below that area could quickly push BTC toward $63,600. The furthest downside target would be the $61,100 area.
Ethereum
A clear hold above $1,838 would open a direct path to $1,901. The more distant target is the $1,963 high, and a break above that would indicate strengthening bullish sentiment and a return of buyer interest. On the downside, buyers are expected at $1,763. A move back below that level could quickly push ETH toward $1,686. The furthest downside target would be the $1,615 area.
What's on the chart
Price testing or crossing any of these moving averages often either halts movement or injects fresh momentum into the market.
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