An unmarked wallet acquired $106.98 million worth of Ethereum (ETH) in a single transaction this week, according to Arkham Intelligence data, and the purchase pattern matches prior acquisition behavior linked to Bitmine, the digital asset treasury company led by Tom Lee.
Arkham Intelligence Flags $107M ETH Buy
The transaction surfaced during a period of sustained selling pressure for ETH, which has spent weeks trading below key moving averages.
No public announcement accompanied the purchase. The wallet remains unmarked, with no identity confirmed.
Arkham's on-chain forensic analysis identified the buyer as institutional in scale.
The firm went further, noting the address's acquisition pattern closely resembles behavior previously associated with Bitmine — a publicly listed company that has built one of the largest Ethereum treasury positions in the market.
Arkham stopped short of confirming attribution but flagged the match as significant.
Whether Tom Lee's firm is behind the buy remains unconfirmed. But the question itself carries weight, given Bitmine's track record of aggressive ETH accumulation and Lee's public advocacy for digital assets.
Also Read: Can Bitcoin Hold $70K Or Will Bears Take Over?
ETH Technical Outlook
ETH traded at $2,075 on the weekly timeframe, having touched $2,199 before pulling back.
The price sits 57% below its late-2024 cycle high near $4,800, erasing the entirety of the 2024 rally.
All three weekly moving averages — the 50-week, 100-week and 200-week — are converging downward. Price remains below all of them. The 100-week MA near $2,200 acted as resistance this week, rejecting the attempted recovery.
Until the 50-week MA is reclaimed on a weekly close, the chart offers no technical basis for a trend reversal.
Bitmine ETH Holdings
Bitmine holds 4.661 million ETH tokens as part of a combined crypto, cash and strategic investment portfolio totaling $11.0 billion.
The company has 3,142,643 staked ETH — worth $6.5 billion at $2,072 per token — and its MAVAN staking solution is on track for a Q1 2026 launch. Bitmine now controls 3.86% of the ETH token supply, putting it over 77% of the way toward its stated "Alchemy of 5%" target in just eight months. The company also holds $95 million in ORBS, making it one of the only publicly listed equities offering direct exposure to OpenAI. BMNR stock ranks as the 101st most traded equity in the U.S., averaging $1.2 billion in daily trading volume.
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