Bitmine: Tom Lee Adds 126971 ETH Despite $9.88B Loss

Bitmine controlled by Tom Lee of Fundstrat scooped up another 126971 ETH for $213.18M last week, lifting total holdings to 5543872 tokens valued at $9.31B.

The average acquisition cost sits near $3460, leaving the position underwater by more than $9.88B at prevailing levels and highlighting aggressive institutional ETH accumulation strategy amid broader crypto market crash fears.

Price action on the 4h chart shows ETH trading inside the Bollinger Bands with upper resistance at $1713.77 while the 50-EMA at $1755.47 and 200-EMA at $2020.86 act as firm overhead resistance; RSI at 52.11 remains neutral yet MACD has printed a bullish golden cross at -23.72, suggesting any push above the upper band could stall and trigger a retracement toward the 50-EMA support before continuation.

Traders watching BTC dominance and ETH price prediction models note the position size now exceeds many sovereign holdings and could influence spot ETF flows.