Profitez de la chute d'ETH en dessous de 2 200 dollars pour acheter en masse ! Bitmine achète frénétiquement 71 672 pièces, la détention dépasse 5,28 millions de pièces, représentant 5 % du total.

Cryptocurrency Treasury company Bitmine Immersion Technologies continues to demonstrate its "buy only" ETH accumulation strategy. Chairman Tom Lee announced in a press release on Monday (5/18) that over the past week, taking advantage of Ethereum's price falling below $2,200, Bitmine bought an additional 71,672 ETH, bringing its total holdings to over 5.28 million ETH.

Tom Lee pointed out in the statement: "We see the recent dip of ETH below $2,200 as an attractive entry point. Bitmine plans to reach the milestone of holding 5% of the total ETH supply by 2026." As of press time, Ethereum has fluctuated between $2,081 and $2,341 over the past seven trading days, with the current price around $2,128, down approximately 8.7% for the week.

### Cryptomonnaie Trésorerie (Treasury) continue d’accumuler ETH, la courbe de détention reste abrupte

This recent accumulation is particularly noteworthy for its change in pace. Previously, during the week of May 4 to 11, Bitmine only bought 26,659 ETH, ending a streak of three consecutive weeks where it purchased over 100,000 ETH each week, sparking market speculation that its buying momentum was weakening or that its strategy was shifting. However, the purchase of 71,672 ETH in one week indicates that Bitmine has not slowed its long-term deployment, but is simply waiting for a better entry point.

Market analysts liken Bitmine’s business model to "the Michael Saylor of Ethereum"—imitating Strategy (formerly MicroStrategy)’s Bitcoin treasury strategy, by issuing convertible bonds or equity financing to continuously convert funds into ETH holdings, accumulating digital assets as the company's core reserves. As of the latest data, Bitmine’s holdings have reached approximately 4.37% of Ethereum’s total circulating supply (about 120.7 million ETH), just shy of the 5% target, which would require about 760,000 ETH more. At current prices, this equates to roughly $1.6 billion in capital needed.

### La grande baleine revient sur le marché, consensus de fond en comble

Notably, on-chain data also shows other large holders entering the market simultaneously. Blockchain analytics platform Lookonchain posted on X (formerly Twitter) on Saturday (5/16) that a "OG" whale, who bought ETH over ten years ago and fully sold out a year ago, has recently started buying again. This address purchased 1,951 ETH at an average price of $2,182, and Lookonchain speculates that "he may continue buying."

From institutional large orders by Bitmine to retail-level replenishments by the old whale, the market seems to be forming a phased bottom consensus around $2,100. However, since ETH hit a historic high of $4,946 in August 2025, it has fallen approximately 57%. Whether a true bottom has been established remains to be seen, pending macroeconomic variables.

### Le prix du pétrole devient un facteur clé ? Tom Lee analyse la pression macroéconomique sur ETH

In another speech on the same day, Tom Lee mentioned that the rising tensions in the Middle East since the beginning of the year have driven international oil prices higher, exerting ongoing downward pressure on ETH. He predicts that if oil prices reverse, ETH could see a significant recovery. This view anchors cryptocurrency pricing to traditional macro factors—energy prices and geopolitical risks—highlighting that ETH is currently in a "macro-driven" trading environment.

From the perspective of Taiwanese investors, the correlation between oil prices and ETH has been less discussed. If progress is made in Middle East ceasefire negotiations (recently Iran claimed Lebanon and Israel would cease fire for a week, but Israel denied this), a decline in crude oil prices could provide additional upward momentum for ETH.

### Divergences among institutional forecasts: Citigroup conservatively targets $3,175, Standard Chartered calls for $7,500

Looking ahead, Wall Street institutions show clear divergence in their outlooks for ETH. Citigroup released a report in March predicting a 12-month target price of $3,175 (base scenario), which could reach $4,488 in a bull market driven by stablecoins and tokenized assets.

More conservative market data from CoinGecko indicates a 48% chance that ETH will close the year at $1,500, and only a 25% chance of closing at $3,500—implying the market believes ETH is more likely to continue consolidating than to rebound strongly in the short term.

However, HSBC’s subsidiary, Standard Chartered, holds an extremely optimistic stance. In a January report, its digital asset research head Geoffrey Kendrick stated that, benefiting from the continued proliferation of blockchain applications and on-chain products, ETH could reach $7,500 by year-end. If this prediction materializes, Bitmine’s current holdings of over 5.28 million ETH would correspond to a market cap exceeding $39.6 billion—more than tripling the value of its current holdings.