Key Highlights
- BitMine Immersion has revealed the acquisition of an additional 96,798 ETH tokens, bringing its holdings to 3,726,499
- This acquisition comes amid the downward trend in the cryptocurrency market, dropping its value below $2,800 with 10%
- Despite the dip in the market, Tom Lee shared a bullish outlook for Bitcoin, saying that it could reach a new ATH in January
On December 1, Tom Lee’s BitMine Immersion unveiled the acquisition of a new batch of Ethereum (ETH) amid the turmoil in the cryptocurrency market, revealing that the company had acquired 96,798 ETH tokens last week.
While the cryptocurrency market is currently experiencing a catastrophic downward trend, this acquisition from BitMine shows BitMine’s strong confidence in cryptocurrency.
“In the past week, BitMine acquired 96,798 ETH tokens. As we look ahead to December, the Fusaka upgrade, aka Fulu-Osaka, is scheduled for activation on December 3rd and delivers an array of improvements in scalability, enhanced security, and usability. The Federal Reserve is taking several key steps in December, including ending QT (quantitative tightening) and is expected to cut interest rates again on December 10th,” Thomas “Tom” Lee of Fundstrat, Chairman of BitMine, stated in the press release.
“We are now more than 7 weeks past the October 10th liquidation shock event, meaning the crypto market has found its bearings again. Collectively, we see these acting as positive tailwinds for ETH prices, and thus, we stepped up our weekly purchases of ETH by 39%,” he said.
Apart from this, the company has also revealed its major progress on its staking solution, the Made in America Validator Network (MAVAN). This will be the ‘best-in-class’ solution offering secure staking infrastructure and will be deployed in early calendar 2026,” Lee said.
As of November 30, BitMine holds 3,726,499 ETH in its treasury after the latest acquisition at the average price of $3,008 per ETH. Apart from this, the company also holds 192 Bitcoins along with a $36 million stake in Eightco Holdings (“moonshots”) and unencumbered cash of $882 million.
Ethereum Dips Below $2,810 Ahead of Fusaka Upgrade
The beginning of December’s first week is not like what the community was expecting, as it got a rough start. On Monday, Ethereum plunged over 6%, declining its value from $3,039 to $2,826.
At the time of writing, the cryptocurrency is trading at around $2,817 with a whopping market capitalization of $340 billion, according to CoinMarketCap.
This downward trend was seen after Bitcoin suffered a sharp decline with over 5% drop in the last 24 hours. It forced the biggest cryptocurrency to dip below $90,000 again.
One of the major factors behind this sharp drop in ETH is a major drop in its supply on exchanges. According to Cryptoquant, the supply dropped to 16.57 million on exchanges.
ETHEREUM SUPPLY ON EXCHANGES IS DROPPING RAPIDLY! pic.twitter.com/w9aR0ms0WJ
— Crypto Rover (@cryptorover) December 1, 2025
According to Ali, a popular crypto analyst on X, a dollar-cost-averaging plan for Ethereum targets purchases at $2,200, $1,500, and $1,100.
Ethereum $ETH dollar-cost-averaging strategy.
Accumulate between $2,200, $1,500, and $1,100. pic.twitter.com/CyjKLB7kXu
— Ali (@ali_charts) December 1, 2025
While the Ethereum blockchain is preparing for the Fusaka upgrade, this drop has sparked a discussion in the community.
Bitcoin to Reach New ATH in January: Tom Lee
Apart from this, the recent warning from China’s central bank over the weekend has sparked an intense sell-off in Asia’s crypto-based stocks on Monday. The warning from the central bank of China about illegal cryptocurrency activities has caused a drop in the shares of digital asset companies listed in Hong Kong.
The downward trend in the crypto market is a continuation of the recent pullback from the market, which started after the biggest liquidation in the history of crypto on October 10. Ben Emons, founder and CIO of Fedwatch Advisors, mentioned that today’s reversal is being connected to a $400 million liquidation event on exchanges.
Emons explained that major leverage, or borrowed money used for trading, remains a major concern in crypto markets. He mentioned that some exchanges offer leverage as high as 200 times an investor’s initial investment. With an estimated $787 billion in outstanding leverage within crypto futures markets, compared to roughly $135 billion in spot Bitcoin ETFs, the chances for forced selling are high.
According to Emons, if Bitcoin prices fail to recover, the market could see major large-scale liquidation events in the near future.
However, BitMine’s Tom Lee shared a bullish outlook for Bitcoin during his interview on CNBC, saying that Bitcoin can still make a new ATH by the end of January.
