Tom Lee's BitMine Doubles on Ethereum: Whale Buying Dip Aiming at $15,000

Investment firm BitMine, led by noted Ethereum bullish Tom Lee, has taken the concept of 'buying the dip' (buying on the downside) to a whole new level by purchasing an additional $281 million of ETH.

While the market fell sharply, BitMine responded by strategically accumulating, reinforcing its position as one of Ethereum's leading 'whales'.

The company's total Ethereum holdings now exceed 3.03 million ETH, a figure that represents about 2.5% of the entire circulating supply and is valued at around $12.9 billion. Data from Lookonchain's blockchain analysis confirms this aggressive move: wallets connected to BitMine received over 72,000 ETH (equivalent to $281 million) via transfers from FalconX and BitGo this week.

This reinforces the idea of a coordinated strategy between the company and other OTC (Over-The-Counter) desks to build significant positions by taking advantage of market weakness.

Whales Are Coming Back to Hunt

BitMine is not alone in this strong belief. Analysts at WhaleMap and Arkham noted that other large investors and institutions have also been steadily accumulating Ethereum since the beginning of October.

This flow has seen more than 400,000 ETH move from exchanges to cold wallets, a signal that large traders are preferring to hold long-term positions rather than engage in short-term volatility.

As a result, ETH holdings on exchanges have plummeted to three-year lows. On-chain data show that cumulative institutional holdings, which include corporate treasuries and ETFs on Ethereum, now exceed 12.8 million ETH, accounting for more than 10 per cent of total supply.

Tom Lee Sees ETH at $15,000

Tom Lee remains one of the most prominent voices in support of Ethereum. He recently reiterated his prediction that ETH could reach a value between $12,000 and $15,000 by the end of 2025.

Lee cites Ethereum's expanding role in tokenization, decentralised finance (DeFi) and artificial intelligence-driven infrastructure.

His bullish case rests on liquidity dynamics: as rates fall and risk appetite returns, Ethereum's utility and burn rate could push it into a genuine supply squeeze.

Lee calls this phase a 'true price discovery', not mere speculation. At the same time, former BitMEX CEO Arthur Hayes has also doubled down, predicting that Ethereum could hit $10,000 before the end of the year as macroeconomic headwinds ease and DeFi activity picks up steam.

Buy Strategic and Network Dominance

The timing of these purchases has not escaped the market. The October accumulation by BitMine followed a sharp correction that wiped out over $19 billion in leveraged positions.

Ethereum had briefly fallen below $3,800 before rebounding above $4,100. BitMine's strategic purchases helped stabilise confidence during those volatile sessions.

As crypto investor Ted Pillows commented, there is a deeper narrative behind the numbers: institutional players are positioning themselves for Ethereum's next phase of growth.

BitMine bought $279,640,000 in ETH today. Big players are stockpiling Ethereum, he affirmed

With stablecoin settlement volumes on Ethereum surpassing $5 trillion in Q3 (an all-time high), the network's dominance as a settlement layer remains undisputed. For long-term investors like BitMine, it is less about timing and more about accumulating the infrastructural layer of a new financial system. In this context, any drop becomes a discount, not a deterrent.