Ethereum Giants Battle: BitMine Drops $200M in Two Days-Who’s Winning?

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Ah, the glorious spectacle of modern finance, where a company named BitMine decides to drop nearly $200 million on Ethereum in just forty-eight hours. Apparently, size does matter – look at those pockets! This move cements their reign as the king of Ethereum hoarding, leaving smaller fry gasping for breath. 😏

The timing? Perfect. ETH is wobbling near a one-month low, and the little wallets have begun their predictable exit, according to on-chain chatter. As if the chorus of tiny investors singing the swan song wasn’t enough.

BitMine’s Billions and the Little People Offload

According to the ever-reliable Lookonchain, citing Arkham Intelligence (because who doesn’t trust that?), BitMine scooped up 22,676 ETH from BitGo on December 6 – about $68.7 million worth. If you’re mathematically inclined, that’s roughly $3,028 per coin, which might make you wonder if they’re buying high or just really optimistic about the future.

But wait, there’s more! The very day before, they snatched another 41,946 ETH from FalconX and BitGo – for around $130.8 million. Clearly, they’re on a spree, perhaps to challenge the old gods of crypto dominance. Or just very confident in their magic money bag.

Tom Lee (@fundstrat) just announced that BitMine bought another 22,676 ETH ($68.67M). Because who needs sleep when you have millions? – Lookonchain (@lookonchain) December 6, 2025

And let’s not forget, last week they flashed their treasure chest: holding 3.73 million ETH as of late November – a stash worth over $11 billion. That’s enough zeroes to make a banker blush.

Plus, they’ve got 192 BTC (a modest bag – said no one ever), investments in Eightco Holdings valued at $36 million, and the grand total of $882 million in cold, hard cash. Because fiat still rules the roost, or so it seems.

Strategy ETH Reserve reveals that BitMine now outdoes its next five competitors combined, including the Ethereum Foundation – a real David-and-Goliath story, except Goliath is now a corporate titan with a wallet thicker than a Dostoevsky novel.

Meanwhile, behind the scenes, ETH’s price is taking a nosedive – down more than 10% in a month, settling at roughly $3,027. If you thought all this buying was bullish, think again; the market’s trembling on bittersweet hopes.

Alphractal’s Ethereum Accumulation Heatmap shows that wallets with 1 to 10,000 ETH are offloading furiously near the recent peak – probably clutching their pearls and whispering, “Goodbye, cruel market.” These smaller holders keep selling, adding to the pressure like unruly children refusing to listen.

Meanwhile, the big whales-those holding more than 10,000 ETH-are doing their dismal version of ‘nothing much.’ They’re selling lightly but not hoarding greedily. Patience, or perhaps the lack of any real effort, seems to be their game.

Yet some analysts, perhaps with a glass half-full mindset and a flair for poetic prophecy, see brighter days ahead. Tom Lee, the ever-optimistic CEO of Fundstrat, claims Ethereum could hit $12,000 if Bitcoin spots $250,000, all thanks to some “historical relationship” and the subtle art of demand for tokens that turn reality into a giant digital playground.

He even dares to suggest that ETH might someday rival Bitcoin in value, aspiring to a lofty $62,000 if only the stars align and the ratio expands. Who needs prudence when you have dreams? 🚀

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2025-12-06 17:27