Tom Lee’s BitMine has made another aggressive Ethereum move, with a fresh purchase of 20,000 ETH worth about $44.8 million. The buy lifted BitMine’s total accumulation to 65,000 ETH over 24 hours, valued near $147 million at the time of the alert.
The latest purchase adds a clear bullish signal to an Ethereum market that has been fighting for direction. ETH recently traded near $2,256, after moving between roughly $2,223 and $2,345 during the session. That keeps price below the $2,400 breakout zone, but BitMine’s buying gives traders a new reason to watch whether large treasury demand can absorb market weakness.
This is not a small dip-buy headline. A 65,000 ETH purchase in one day is the kind of move that can shift attention back toward Ethereum’s institutional accumulation story, especially when price is still struggling below resistance.
The timing is what makes the move more interesting. Ethereum ETFs just posted a rough session, with ETH ETF outflows hitting $87.8 million as BlackRock led the exit. That would normally strengthen the bearish case because ETF flows are one of the clearest institutional demand gauges for ETH.
BitMine’s buy complicates that picture. While ETF investors pulled money out, a major Ethereum treasury buyer was adding size directly on-chain. That creates a split market: public ETF demand looks weak in the short term, but treasury-style accumulation is still alive.
For ETH bulls, that matters. If ETF outflows slow and BitMine-style buying continues, Ethereum could get the demand mix it needs to challenge $2,400 again. If ETF outflows continue and treasury buys fade, the market may treat the latest purchase as a strong headline but not enough to change the trend.
The market also watched Ethereum founder Vitalik Buterin’s wallet activity after Vitalik dumped free meme tokens during a $355K wallet cleanup. That activity was not a core ETH sale, but it still added more on-chain attention around Ethereum-linked wallets.
The contrast is useful. Vitalik’s move showed how unsolicited meme tokens can become sell pressure when famous wallets clear them out. BitMine’s move showed the opposite kind of flow: a large buyer adding real ETH exposure while the asset trades below a major resistance area.
BitMine’s accumulation gives Ethereum a stronger narrative, but price still has to prove it. ETH needs to reclaim $2,400 before traders can treat the chart as a cleaner breakout setup. Until then, the low-$2,200 area remains the key support zone.
For now, the story is simple: ETF flows look weak, but Tom Lee’s BitMine just bought size. If buyers keep stepping in near current levels, Ethereum may get another shot at turning a frustrating range into a real breakout attempt.
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