Ethereum whales are back in accumulation mode after a turbulent weekend, sparking debate over whether this dip is an entry point or another short-term bounce for ETH crypto.
Large holders, including one of the biggest corporate treasuries in the market, have been buying heavily over the past 24 hours. The move follows a leverage-driven sell-off that briefly pushed Ether toward $3,500.
BitMine Immersion Technologies stated that its recent purchases have increased its total holdings to more than 3.03 million ETH, equivalent to approximately 2.5% of the total supply.
According to Coingecko data, Ethereum is trading near $ 4,300, showing an increase of +3.7% in the last 24 hours, but still below recent highs, as the broader crypto market recovers from the weekend rout.
The Friday-to-Sunday sell-off, fueled partly by US-China trade headlines, triggered a wave of forced liquidations across exchanges.
BitMine confirmed that it added around 202,000 ETH over the weekend, worth about $827 million at an average price of $4,154.
This lifted the firm’s total holdings to 3.03 million ETH, marking what it called the halfway point toward its target of owning 5% of the total supply.
“We acquired 202,037 ETH, pushing our holdings to over 3 million,” said Tom Lee, the company’s chairman, calling the post-crash pullback a clear buying opportunity.
One major wallet repurchased 7,817 ETH (about $32.5 million) near $4,159, just hours after panic-selling during the drop.
Another over-the-counter desk picked up 14,165 ETH, approximately $55 million through market-making channels, according to recent trading alerts.
According to SoSoValue data, US spot Ether ETFs posted net outflows on Monday, led by BlackRock’s ETHA (-$80M) and Fidelity’s FETH (-$30M).
(Source: SoSoValue)
DISCOVER: The 12+ Hottest Crypto Presales to Buy Right Now
The data suggests large holders and institutions may be scooping up coins that ETFs are releasing back into circulation.
Meanwhile, derivatives markets remain stable. Funding rates across major exchanges fell to their lowest levels since 2022, reflecting a broad reduction in leverage after the heavy liquidations.
Analytics firm Glassnode said rates had “dropped to their lowest levels since the 2022 bear market.”
DISCOVER: 20+ Next Crypto to Explode in 2025
Ethereum’s market structure shows a clear bullish setup forming toward the end of the year.
A chart shared by crypto investor TedPillows compares Ethereum’s price with the global M2 money supply. This has been closely followed by the two since mid-2024.
