Bitmine Adds $120M Ethereum, Holdings Reach $9.21B With 60,976 ETH Purchase
Bitmine purchased $120 million of Ethereum last week, adding 60,976 ETH to raise its holdings to $9.21 billion (3.75% of total supply), with $6.18 billion staked. Chairman Tom Lee cites 89%-93% correlations between ETH and historical S&P crashes, predicting a bottom by March 14.
1. Bitmine Boosts Ethereum Holdings
Bitmine increased its Ethereum accumulation by purchasing 60,976 ETH worth $120 million over the past week, raising its total ETH holdings to $9.21 billion, or more than 3.75% of Ethereum’s total supply. Of these holdings, $6.18 billion (over 2.5% of the supply) is currently staked.
2. Historical Correlations and Bottom Prediction
Chairman Tom Lee pointed to 89% and 93% correlations between Ethereum’s 2026 price pattern and historical S&P 500 movements in 2011 and 1987, respectively. Based on these parallels, he forecasts ETH could bottom slightly below $1,740 between March 8 and March 14.
3. Sentiment Indicators Remain Bearish
Despite the increased accumulation, on-chain metrics reflect weak investor sentiment. The Coinbase Premium Index has been negative since March 4 and stands at approximately -0.0087, suggesting continued bearish demand among traders.