EthereumBlockchain
|3 min ReadBitMine buys the dip as ETH slides 20% from peak
Maya Chen
Senior Analyst
Published
Jan 16, 2026
Fresh on-chain buys amid volatility
BitMine, the world’s largest Ether treasury, appears to be back on the bid. On Thursday the Tom Lee–chaired company reportedly picked up another 104,336 ETH, roughly $417 million, as price retreated further from the August all-time high. On-chain watchers saw three fresh wallets receive the assets from Kraken and BitGo over a seven-hour window, per Lookonchain: https://x.com/lookonchain/status/1978631764110451155. BitMine has not publicly confirmed the transactions.
Blockchain intelligence firm Arkham backed the read, saying three new whale wallets acquired about $75 million in ETH each and that the acquisition pattern matched prior BitMine flows from BitGo. Earlier this week, after the weekend crypto market rout, BitMine said it accumulated 202,037 ETH “over the past few days,” taking advantage of lower prices, according to Tom Lee’s statement on PR Newswire: https://www.prnewswire.com/news-releases/bitmine-immersion-bmnr-announces-eth-holdings-exceeding-3-03-million-tokens-and-total-crypto-and-cash-holdings-of-12-9-billion-302581550.html.
DATs remain aggressive as ETH trends lower
Digital asset treasuries look unfazed by the shakeout. BitMine says it has reached 50 percent of its treasury target within months, now holding about 3 million ETH, roughly 2.5 percent of the entire supply. Its stack represents about half of all ETH accumulated by public corporate treasuries, which stand near 5.9 million ETH worth $23.7 billion, according to StrategicEthReserve.
The dip buying comes as Ether’s downtrend deepens. ETH fell to 4,946. By press time it was back above the psychological $4,000 level. The message from big treasuries is simple. Use weakness. Accumulate with size. It is disciplined. It is confident.
Bullish calls vs. caution into year-end
Lee and BitMEX co-founder Arthur Hayes doubled down this week on a year-end target of 12,000. Some technicians are leaning even bolder. “Ethereum is copying Bitcoin’s 2020 to 2021 run,” said analyst Rekt Fencer, adding that “6,000 to $7,000 this year.
Bulls have a narrative. Treasuries are buying. Supply is tight. Price is still below the highs. The next legs demand execution, not just talk. If the flows keep coming, the setup could be tremendous.
Disclaimer: This document is intended for informational and entertainment purposes only. The views expressed in this document are not, and should not be taken as, investment advice or recommendations. Recipients should do their own due diligence, taking into account their specific financial circumstances, investment objectives and risk tolerance, which are not considered here, before investing. This document is not an offer, or the solicitation of an offer, to buy or sell any of the assets mentioned.