Bitmine, led by Tom Lee, scooped up $300 million in ETH, while BlackRock’s Ethereum ETF logged in $1.7 billion in inflows.
Over the past three days, Tom Lee’s crypto treasury firm, Bitmine Immersion, has quietly snapped up $300 million worth of Ethereum ETH $3 647 24h volatility: 5.3% Market cap: $439.97 B Vol. 24h: $23.50 B via Galaxy Digital’s OTC desk.
Arkham Intelligence initially flagged the activity, with one whale address accumulating massive amounts of Ether. That wallet, now confirmed to belong to Bitmine, currently holds 79,461 ETH, worth around $282.5 million at press time.
In the past 3 days, Bitmine @BitMNR has accumulated $300M of $ETH from Galaxy Digital OTC.$BMNR 🚀🚀 pic.twitter.com/g8SPO2k0pk
— BMNR-Bitmine Immersion Technologies (@BMNRONETH) August 4, 2025
Tom Lee’s Ethereum Mega Thesis
AB Kuai Dong, a well-known crypto entrepreneur, shared details from Tom Lee’s latest research note, which lays out a long-term case for Ethereum.
Lee said that the SEC and White House’s Project Crypto is an intentional shift to blockchain-based finance, with Ethereum positioned as the infrastructure layer of choice.
这波 ETH 的大推手 Tom Lee，发表了新的长篇看法，它认为：
1. SEC 和白宫新公布的 Project Crypto 政策，目的是将美国金融市场扩展到链上，而当前最大的智能合约公链是以太坊。
2. 华尔街选择 ETH 的原因有很多，其中最关键的是 ETH 从未经历过宕机，同时摩根大通、Robinhood 也在使用。
— AB Kuai.Dong (@_FORAB) August 2, 2025
The Fundstrat founder highlighted Ethereum’s unmatched uptime and adoption by firms like JPMorgan and Robinhood. His team estimates ETH’s fair value could hit $10,000–$20,000 within the next 12 months.
Moreover, in a future where financial assets are fully tokenized, Lee argued that ETH could climb to $60,000, drawing parallels to NVIDIA’s role in AI.
ETF Flows Show Institutional Confidence
BlackRock’s iShares Ethereum Trust ETF has attracted $1.7 billion in inflows over the past 10 trading days.
Spot Bitcoin ETFs saw a net outflow of $643 million last week (July 28 to August 1, U.S. Eastern Time), ending a seven-week streak of net inflows. In contrast, spot Ethereum ETFs recorded a net inflow of $154 million, marking 12 consecutive weeks of net inflows. Notably, among… pic.twitter.com/WrxunhmIJB
— Wu Blockchain (@WuBlockchain) August 4, 2025
On the other hand, spot Bitcoin ETFs BTC $114 882 24h volatility: 1.0% Market cap: $2.29 T Vol. 24h: $28.69 B witnessed $643 million in outflows during the same period, ending a seven-week streak of net inflows.
Ethereum ETFs, however, are on a 12-week hot streak. Net inflows reached $154 million last week, led by ETHA, the only ETF in the group that recorded consistent positive inflows.
According to Dune Analytics, on-chain ETH held by ETFs has soared over 40% in the last 30 days, further emphasizing Ethereum’s growing role in institutional portfolios.
Price Action and Key Levels to Watch
At the time of writing, Ethereum is trading at $3,554.65, up nearly 3% in the past 24 hours, despite a noticeable 20.4% drop in trading volume.
Ali Martinez has flagged $2,924 and $2,750 as two critical support zones. These levels are supported by on-chain cost basis data. A heatmap from Glassnode shows that a combined 2.55 million ETH was acquired in these two ranges alone:
- Between $2,911 and $2,924, around 608,925 ETH was purchased.
- Between $2,744 and $2,757, another 1.94 million ETH was bought.
Two key support levels for Ethereum $ETH are $2,924 and $2,750! pic.twitter.com/zD5zZ298dK
— Ali (@ali_charts) August 4, 2025
These levels form a thick band of on-chain support zones where large holders are unlikely to capitulate. If Ethereum turns bearish, investors could position buy orders around these levels, making ETH the top crypto to buy in 2025.
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