Key takeaways
Why did Bitmine buy another $389 million worth of Ethereum?
Bitmine is accumulating ETH during price dips.
How are tokenized assets impacting Ethereum’s market value?
The rise of tokenized assets and stablecoins on Ethereum is strengthening its price floor and long-term valuation base.
Tom Lee’s Bitmine Immersion Technologies [BMNR] added over 110,000 Ethereum [ETH] (worth nearly $389 million) in just a week, lifting its total Ethereum holdings to $12.4 billion.
The move comes as tokenized assets and stablecoins continue to grow on Ethereum.
Massive ETH accumulation by Bitmine
Bitmine added 110,288 ETH in the past week, worth $389.3 million at current prices. The entity now holds a staggering $12.4 billion in Ethereum, solidifying its position as one of the largest holders of ETH.
Source: X
Portfolio data from Arkham shows continuous accumulation since August, with steady inflows from major counterparties like FalconX, Coinbase Prime, and Galaxy Digital.
The latest purchases come in tandem with ETH’s recent market dip, indicating institutional confidence.
Bitmine is strategically accumulating during lower price phases.
Tokenized assets are setting Ethereum’s floor
The market cap of tokenized assets on Ethereum (including stablecoins and RWAs) has become the structural floor for ETH’s valuation.
Data shows a strong correlation between Ethereum’s fully diluted market cap and the size of tokenized assets, which now anchor a significant portion of network value.
Source: X
As tokenization expands, Ethereum’s base demand rises in parallel. Each surge in tokenized assets has consistently preceded or supported ETH’s market cap recoveries, so real-world adoption is now directly shaping Ethereum’s price foundation.
Short-term resistance at $3.6K
At press time, Ethereum was trading near $3,540, facing resistance at the $3,600 level. The RSI showed weak momentum, placing ETH in a neutral-to-bearish zone.
Although there was a brief recovery earlier in the week, low trading volumes suggest limited buyer confidence.
Source: TradingView
The flat movement in the OBV line confirms weak inflows, signaling limited buying interest. If Ethereum doesn’t reclaim the $3,600–$3,650 resistance zone soon, it could drop back to the $3,400 support level.
However, a decisive breakout above this resistance would shift the short-term outlook toward a recovery.
