BitMine significantly increases its holdings of ETH: Institutional buying is strong but struggles to shake the price, and the market is trapped in extreme panic and volatility.

In late December 2025, the crypto market once again welcomed a significant event: the well-known Ethereum vault company BitMine Immersion Technologies (NYSE: BMNR) continued to scoop up ETH. According to the company's latest disclosure, as of December 21, its ETH holdings have surpassed the 4 million mark, reaching 4,066,062 coins, accounting for approximately 3.37% of the total Ethereum supply. Over the past week, BitMine has cumulatively increased its holdings by about 98,852 ETH, with capital inflows exceeding $300 million, including a single-day maximum purchase involving tens of thousands of coins, primarily completed through institutional-level OTC channels such as FalconX, BitGo, and Kraken. This marks a significant step for BitMine towards its goal of "5% of Ethereum supply," with the total value of the company's crypto assets + cash + other investment portfolio reaching $13.2 billion.
BitMine's latest accumulation campaign demonstrates a strong institutional buying interest. The company's chairman, Tom Lee, emphasized that this is not only a continuation of the long-term holding strategy but will also generate staking rewards through the upcoming "Made in America Validator Network" (MAVAN) set to be deployed in early 2026, further strengthening participation in the Ethereum ecosystem. Despite the overall market downturn, BitMine remains committed to a "buy low" strategy, which is seen as a firm confidence in the long-term value of ETH.
Market sentiment: Extreme fear dominates, prices oscillate in place.
However, BitMine's massive purchase did not immediately boost the ETH price. As of December 24, the spot price of Ethereum fluctuated narrowly in the range of $2900 to $3000, failing to show a significant rise. On-chain data and exchange transaction volumes indicate intensified short-term volatility, but overall liquidity remains limited. The Crypto Fear & Greed Index currently holds at a level of 24, indicating "extreme fear," reflecting a cautious sentiment in the community. Some high-leverage long positions are showing floating losses, and discussions about taking profits and waiting have increased, leading to a lack of sustained capital follow-up in the market.
Although the number of long positions is dominant, the positions of large holders are close to the strong liquidation line, indicating significant short-term pressure. Although institutional buying is strong, it has not been able to drive an overall strengthening of liquidity. ETH is still affected by Bitcoin's intermediate adjustment, making it difficult to rise independently.
Trading Guide and KOL Insights
In the short term, ETH is mainly in a range fluctuation, with key attention on the 2950-3070 USD range. A breakthrough above 3070 can be seen as a bullish signal, while a drop below 2950 requires caution for further downside. Operational suggestion: Anchor by the range, strictly control risk near the boundaries.
Trader Yu Sanshui's view: ETH is currently fluctuating in the range of 2950-3070. It is recommended to go long if it breaks above 3070, with a stop loss set below 2950, targeting 3250-3450. If it falls below 2950, consider shorting, with resistance on the rebound at 3070.
Crypto KOL Bi Dao Ge analysis: BTC is currently in a medium-term correction wave, and ETH is likely to be dragged down by it. If BTC rebounds weakly or continues to decline, ETH needs to be cautious of following the adjustment in the short term; however, looking ahead to mid-January, there may be a significant rebound opportunity.
Overall, BitMine's continuous accumulation injects long-term benefits into ETH, but the short-term market is still dominated by sentiment and macro factors. Investors need to remain patient, focus on key level breakthroughs, and strictly manage risks. In extreme panic, reversal opportunities often arise, but one must also be wary of liquidity traps.