Ethereum (ETH) Price: BitMine Drops $81M on ETH and Tom Lee Says the Rally May Just Be Starting

TLDR

BitMine bought 32,447 ETH last week, worth ~$81 million, bringing total holdings to 5.847 million ETH ETH posted a 30% weekly gain, its biggest since May 2025 BitMine Chairman Thomas Lee pointed to past 30% rallies that led to 167% and 170% gains US spot ETH ETFs saw $697 million in net inflows last week, their best week since October ETH is trading above $2,400 but RSI at 79 signals overbought conditions

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Ethereum treasury firm BitMine Immersion Technologies (BMNR) bought 32,447 ETH last week, its biggest weekly purchase since early July. At Monday’s price of around $2,500, the buy was worth roughly $81 million.

Ethereum (ETH) Price

The purchase pushed BitMine’s total ETH holdings to 5,847,611 tokens, valued at approximately $14.6 billion. The firm now holds about 4.8% of Ethereum’s total supply of 120.7 million tokens.

BitMine has added ETH every week since launching its Ethereum treasury strategy in June 2025. Its self-imposed target is 5% of total supply, which would require around 6.04 million ETH. That leaves the firm about 187,000 tokens short of the goal.

BitMine Adds 32,447 ETH as Holdings Reach 5.85M ETH

BitMine said it acquired 32,447 ETH over the past week, bringing total holdings to 5,847,611 ETH, or about 4.8% of Ethereum’s supply. The company has staked 5,067,309 ETH, roughly 87% of its holdings, with projected… pic.twitter.com/lGLmmbFD2K

— Wu Blockchain (@WuBlockchain) August 24, 2026

The buying picked up alongside ETH’s 30% weekly gain, its strongest weekly performance since May 2025.

What Thomas Lee Said

BitMine Chairman Thomas Lee pointed to historical price data to explain the move. He noted that ETH gained 167% after a similar 30% weekly rally in July 2021, and 170% following a comparable move in May 2025.

“In those two precedent instances, this weekly gain of >30% signaled a launch point for a larger move in ETH,” Lee said in a Monday statement. “We expect easing financial conditions to be a tailwind for crypto.”

Lee also said trends in asset tokenization and AI agents using blockchain technology could help ETH gain ground against Bitcoin in the current cycle.

Analyst Daan Crypto Trades (@DaanCrypto) noted on X that ETH closed the week at its highest weekly close in around seven months and is now sitting at the Weekly 200MA and EMA. He flagged that a rejection below $2,300 could turn the move into a liquidity sweep, with potential for a drop back to the bull market support band.

$ETH Strong close at the April highs and the highest weekly close in ~7 months.

Now sitting right at the Weekly 200MA & EMA which will be important to watch.

Bitcoin did break above those already, as they were a lot lower relatively.

Good area to watch here for ETH. You… https://t.co/ttRUwIsSYY pic.twitter.com/Cs28U9guqC

— Daan Crypto Trades (@DaanCrypto) August 24, 2026

ETF Flows and Technicals

US spot ETH ETFs had their best week since last October, pulling in $697 million in net inflows. BlackRock’s iShares Ethereum Trust (ETHA) led the way with $536.8 million of those inflows.

Ethereum has seen $108.8 million in liquidations in the past 24 hours, with $68.3 million of those being short liquidations.

BitMine has staked 5.07 million ETH, around 87% of its holdings, and projects roughly $330 million in annualized staking revenue.

ETH’s next resistance sits at $2,678, with a higher level at $2,865.

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