# BitMine Makes $131 Million Ethereum Purchase in Largest Buy Since June Tom Lee's firm continues its unbroken 65-week streak of weekly ETH acquisitions. - **Source:** [News - Cryptonews](https://brifing.si/source/42333b6f-1c05-4a49-9914-7553e71d2223) - **Published:** 2026-09-01 - **Topic:** [Finance](https://brifing.si/c/finance) - **Original article:** - **On Brifing:** https://brifing.si/s/a8b18629-405e-4a05-bcf0-eebb28f08236 ## BitMine's Record Ethereum Purchase BitMine Immersion Technologies acquired 53,501 ETH last week, bringing its total holdings to 5.9 million ETH. This marks the company's largest single purchase since June 2025, representing 4.9% of Ethereum's circulating supply. Under Tom Lee's leadership, the firm has reached 98% progress toward its 'Alchemy of 5%' target. About 86% of these holdings are currently staked. ## Unbroken 65-Week Buying Streak BitMine has maintained an uninterrupted buying streak, purchasing ETH every week since June 30, 2025 - now spanning 65 consecutive weeks. This strategy aligns with Ethereum outperforming the S&P 500 by 5,430 basis points this year alone. The consistent institutional buying creates a strong support level for ETH prices. ## Ethereum's Critical Price Levels ETH is currently consolidating around $2,450, trading within a tight range between $2,444 and $2,485 in the past 24 hours. The price moves within a rising wedge pattern just below the crucial $2,550 resistance level, which has already rejected two breakout attempts. Support levels cluster between the 20-day EMA ($2,293) and 200-day EMA ($2,161). ## Market Cap and Growth Potential With a current market cap exceeding $296 billion at $2,459 per ETH, the days of 2-3x returns seen by early investors are likely over. This maturity is pushing traders toward earlier-stage infrastructure plays. However, BitMine's consistent accumulation provides medium-term price support for Ethereum. ## Technical Indicators and Scenarios The most bullish scenario would see ETH break through the $2,550 resistance toward $2,800. Alternatively, price could continue consolidating within the rising wedge pattern, supported by BitMine's weekly purchases. A rejection at $2,550 could trigger a pullback toward the 200-day EMA at $2,161, representing the bear case. ## Shift Toward Layer 3 Infrastructure Ethereum's maturing market structure is driving interest toward Layer 3 solutions like LiquidChain, which aims to unify Bitcoin, Ethereum and Solana liquidity in a single execution layer. The project's presale is priced at $0.014951, having raised $960K so far. It features Single-Step Execution and Verifiable Settlement capabilities. ## Solving Liquidity Fragmentation Projects like LiquidChain target the long-standing problem of liquidity fragmentation in cross-chain trading. By offering a unified layer where developers can deploy once to reach three ecosystems, it promises to reduce inefficiencies in cross-chain transactions. This approach could significantly improve capital efficiency in DeFi. ## Institutional Investors' Market Impact BitMine's aggressive ETH accumulation strategy demonstrates the growing influence of institutional players in crypto markets. The firm's $14.8 billion position and weekly purchases create substantial price support. Such large-scale accumulation could prove decisive in shaping Ethereum's future price movements and market structure. ## Sources covering this story - https://cryptonews.com/news/ethereum-price-bitmine-buy/ — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._