Points of Focus

• BitMine bought nearly $70 million in Ether during the recent dip.
• Tom Lee has changed his timeline again for Bitcoin’s next all-time high.
• Analysts say liquidity issues may be slowing big institutional buying.

BitMine Immersion Technologies made another big move during the market pullback. The firm bought 7,080 ETH for about $19.8 million on Monday.

It seems that Tom Lee(@fundstrat)'s #Bitmine just bought another 7,080 $ETH($19.8M) 2 hours ago.https://t.co/yZbTCFm9GT pic.twitter.com/JHb3WYDa0a

— Lookonchain (@lookonchain) December 2, 2025

Over the weekend, the same wallet added 16,693 ETH worth around $50.1 million. That brings the three-day total to almost $70 million.

BitMine is already one of the largest ETH holders listed on dashboards like StrategicETHReserve. The company now holds about 3.7 million ETH at an average cost of $3,008.

Since ETH is trading below that level, the treasury is currently sitting at an unrealized loss. Still, BitMine is pushing toward its goal of owning 5 percent of the total ETH supply.

ETH accumulation grows as the market stays weak

BitMine’s timing shows clear confidence in ETH long-term. Many large buyers increase holdings during deep dips when prices hit multi-month lows. This matches what we saw last week when Bitwise picked up more than 96,000 ETH. It suggests some big players see this market weakness as a good buying opportunity.

But it also raises a simple question: Why are whales buying while most traders feel the market is slowing down?

One reason may be the strength in stock markets. Equities have stayed strong as investors expect rate cuts and steady earnings.If this stability continues, crypto could benefit from improved risk appetite. Sometimes crypto follows the mood of traditional markets, just with a delay.

Tom Lee shifts his Bitcoin outlook

BitMine chairman Tom Lee has changed his Bitcoin forecast several times recently. Earlier this year, he said Bitcoin could hit $250,000 by the end of 2025.Later, he said Bitcoin might only retest its all-time high near the end of next year. Now he has shifted the timeline again.

In a new CNBC interview, he expects Bitcoin to reach a new record in January. He says the move depends on stocks gaining strength over the next few weeks.

Market commentary points to liquidity friction

Arca CIO Jeff Dorman shared a different view in an X post. He said crypto weakness does not match the strong performance in stocks, credit and metals.He also noted that many of the risks people feared in crypto have not actually happened.

Diving into one of the strangest crypto sell-offs ever.

Wall Street is seeing all of the same bullish signs that I'm seeing — equity, credit and gold/silver markets are launching to ATHs every month because the Fed is cutting rates, QT is ending, consumer spending is strong,…

— Jeff Dorman (@jdorman81) December 1, 2025

Dorman believes the real problem may be on-ramping issues for big firms like Vanguard and State Street. They are showing interest in crypto, but their systems may not yet support large purchases.

Until these channels open fully, inflows may stay slow even if fundamentals look solid.

Bitcoin traded near $87,000 on Monday.