Tom Lees BitMine Now Holds $8,800,000,000 in Ethereum, What to Expect for ETH Price

Tom Lee’s BitMine bought 252,441 Ethereum in three days, lifting its total holdings to 2.202 million ETH worth $8.84 billion.

This move increases the company’s stake to more than 2% of the ETH supply. It sparked fresh debate over the direction of ETH prices as markets weigh recent declines and mixed signals.

BitMine’s Growing Ethereum Stake

Ethereum has drawn fresh attention from investors after BitMine, led by Tom Lee, made a large purchase in recent days. The company added 252,441 ETH to its balance sheet over three days. This lifted its total holdings to 2.202 million ETH.

At current prices, the stake is valued at $8.84 billion. With this move, BitMine now owns more than 2% of the total supply of Ethereum.

The purchase has been described as a sign of confidence. Dr Martin Hiesboeck, head of research at Uphold, said that interest in Ethereum is rising across institutions. His view lines up with wider market activity. REX Shares has announced a new ETH staking ETF under the name REX-Osprey.

Morgan Stanley is preparing to add ETH trading on E*Trade. This will open access to millions of clients and could expand Ethereum’s reach in traditional finance. Another signal comes from ETHZilla, which raised $350 million to buy Ethereum.

These developments show that larger firms and funds are still building their positions. Despite this, the price of ETH has remained volatile in recent weeks.

Ethereum fell for five straight days from September 20, dropping to $3,825. This was its weakest level in almost seven weeks. The market has since seen a small recovery. ETH is now trading around $3,990.96, though this is still down more than 10.78% over the past week.

Weakness in the Ethereum Charts

Market watchers remain cautious despite the wave of institutional interest. Analyst Ted Pillows observed that Ethereum (ETH) could not reclaim the $4,060 level in recent trading. He called this a sign of weakness that may open the door for further declines.

Pillows added that if ETH loses support around $3,800, it could fall to between $3,500 and $3,600.

His comments underline concerns that the recent bounce might not hold. The five-day decline in late September has left traders wary of another leg down.

The question for the market is whether the growing demand from large investors will be enough to offset selling pressure.

For now, support and resistance levels are guiding short-term expectations. Many are watching to see if Ethereum can remain above $3,800 or make another attempt to break past $4,060.

A Divided Ethereum Outlook for Q4

The debate over Ethereum’s direction has also drawn comments from public figures. Eric Trump, the second son of Donald Trump, has again spoken in support of the asset.

Posting on X, he said that the fourth quarter will be massive for Ethereum. He repeated his advice to “buy the dips,” a phrase he has used in earlier posts.

Trump shared similar views in August, urging the community not to fear fluctuations in the market. He argued that investors should see lower prices as a chance to add more ETH.

His latest remarks sparked quick reactions online. Some traders welcomed his words as a buy signal, while others dismissed them as noise. More importantly, analysts were cautious, noting that celebrity endorsements have often been followed by swings in the market.

They warned that such posts can add to short-term volatility rather than provide steady guidance. The next few weeks will test which side of the debate proves correct.

On one hand, BitMine’s $8.8 billion bet and new institutional products show strong backing for Ethereum. On the other hand, price charts and market signals suggest the asset is still under pressure.

With support levels in focus, the fourth quarter could be a decisive period for Ethereum’s price path.