BitMine’s $251 million Ether purchase came as ETH fell below $4,000, with analysts eyeing a short-term rebound to $4,440.
Ethereum ETH $3 048 24h volatility: 0.5% Market cap: $367.95 B Vol. 24h: $10.73 B faced renewed selling pressure on Oct. 21, slipping below the $4,000 mark, down about 5% in the past 24 hours. While retail investors reacted nervously to the decline, institutional players appeared to see opportunity instead of fear.
According to on-chain data, wallets linked to blockchain infrastructure firm BitMine acquired 63,539 ETH worth roughly $251 million amid the market drop. The transactions were made from major exchanges Kraken and BitGo to three new wallets associated with the company.
It looks like Bitmine(@BitMNR) just bought another 63,539 $ETH($251.6M).
8 hours ago, 3 new wallets received 63,539 $ETH($251.6M) from #Kraken and #BitGo.#Bitmine currently holds 3,299,553 $ETH($13.07B), 2.73% of the total supply.https://t.co/2MHlaAM4BZ… pic.twitter.com/KWGL0fpwdb
— Lookonchain (@lookonchain) October 21, 2025
Under the leadership of veteran market analyst Tom Lee, BitMine has been steadily building one of the biggest corporate Ether treasuries. The company now holds about 3.29 million ETH, valued at over $13 billion, representing 2.73% of the total supply.
BitMine’s long-term ambition is to accumulate 5% of Ethereum’s circulating supply. Lee recently described the ongoing correction as a “buying opportunity” and called the current phase part of a broader “Ethereum supercycle.”
Lee maintains a bullish price target of $10,000 to $12,000 for ETH by the end of 2025 amid growing institutional adoption and macroeconomic tailwinds.
Analysts See Near-Term Rebound to $4,440
At the time of writing, Ether is trading around $3,880 with $468 billion in market cap. On Oct. 20, spot Ethereum ETFs recorded another day of heavy withdrawals and faced $145.6 million in outflow.
Despite the recent decline, several analysts remain optimistic about Ethereum’s short-term outlook.
Crypto expert Ali Martinez, who earlier forecasted an ETH pullback, has now raised his target to $4,440. He pointed to ETH’s rebound from the lower boundary of a descending parallel channel, in formation since August.
Next stop for Ethereum $ETH: $4,440. https://t.co/yPcXQU8KQw pic.twitter.com/kk99LNbvcz
— Ali (@ali_charts) October 20, 2025
As per Martinez’s predicted trajectory, today’s dip appears to be a healthy correction after the October 20 rally.
Echoing this optimism, trader Merlijn compared Ether’s price behavior to gold’s setup in 2024, before the precious metal hit a new all-time high.
“This is how five-digit ETH begins,” he wrote, suggesting Ethereum could soon follow a similar breakout path, potentially surging to $10,000.
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