Bitmine: Buys 20,000 ETH for $48.89M from Kraken

Bitmine, the vehicle tied to Tom Lee, scooped up another 20,000 ETH worth $48.89 million directly from Kraken.

The move arrives while ETH sits at $2466.97 inside a bullish structure defined by the EMA50 at $2323.39 and EMA200 at $2053.52, reflecting sustained institutional accumulation over the past year.

Price action shows ETH pressing the upper Bollinger Band at $2516.13 with RSI(14) at 59.35 still neutral and MACD printing a death cross at 40.67, pointing to a probable pullback toward the 50-EMA before any extension higher; this purchase adds fuel to ETH price prediction models and Bitcoin correlation analysis as traders monitor crypto market volatility into September.