Manfaatkan penurunan ETH di bawah 2.200 dolar untuk membeli! Bitmine membeli sebanyak 71.672 koin, memegang lebih dari 5,28 juta koin, mendekati 5% dari total pasokan

Cryptocurrency Treasury company Bitmine Immersion Technologies continues to demonstrate its "buy only, do not sell" 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 (ETH) price falling below $2,200, Bitmine bought an additional 71,672 ETH, with total holdings officially surpassing 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 opportunity. 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.

### Cryptocurrency Treasury company Bitmine Immersion Technologies continues to demonstrate its "buy only, do not sell" ETH accumulation strategy.

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

Bitmine's business model is often compared to "Michael Saylor in the Ethereum world"—imitating Strategy (formerly MicroStrategy)'s Bitcoin treasury strategy, by issuing convertible bonds or equity financing, continuously converting funds into ETH holdings to accumulate digital assets as the company's core reserves. According to the latest data, Bitmine's holdings have reached about 4.37% of Ethereum's total circulating supply (approximately 120.7 million ETH), just shy of the 5% target by about 760,000 ETH. At current prices, this requires roughly $1.6 billion in capital.

### The old whale re-enters the battlefield, market shows bottom-fishing consensus

It is worth noting that on-chain data also shows other large holders entering the market simultaneously. Blockchain analysis platform Lookonchain posted on X on Saturday (5/16) that a "OG-level" 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 "he may continue to buy."

From institutional large buy orders by Bitmine to retail-level replenishments by old whales, the market seems to be forming a phased bottom consensus around $2,100. However, since ETH hit a historical high of $4,946 in August 2025, with a decline of about 57%, whether a true bottom has been formed remains to be seen, depending on macro variables.

### Oil prices as a key variable? Tom Lee analyzes ETH macro pressures

In another speech on the same day, Tom Lee mentioned that since the beginning of the year, rising tensions in the Middle East have driven international oil prices higher, continuously weighing on ETH prices. He predicts that once 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 drop in crude oil prices could provide additional upward momentum for ETH.

### Institutional forecasts diverge: Citigroup conservatively sees $3,175, Standard Chartered calls for $7,500

Looking ahead, Wall Street institutions have markedly different outlooks for ETH. Citigroup released a report in March predicting a target price of $3,175 for ETH in the next 12 months (base scenario), which could reach $4,488 in a bullish scenario driven by stablecoins and tokenized assets adoption.

A more conservative market forecast cited by 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 rather than rebounding strongly in the short term.

However, HSBC's subsidiary Standard Chartered adopts an extremely optimistic stance. In a January report, the bank’s digital asset research head Geoffrey Kendrick stated that due to 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 value exceeding $39.6 billion—more than tripling the current value of its holdings.