Bitmine accumulates 125K ETH in 3 days as Ethereum drops to $1600 – Buying the dip?
Instead of viewing Ethereum's decline as a warning, Bitmine seems to be viewing it as an opportunity for accumulation.
The global market capitalization is finally exhibiting some signs of strength following a sharp decline. In parallel, Bitmine, owned by Tom Lee, brought an additional 25,000 Ethereum [ETH], valued at $41.09 million, from BitGo.
Bitmine has now amassed 125,000 ETH, valued at $206 million, in the last three days as a result of this action.
Because they take a sizable portion of ETH out of the liquid market, such large-scale purchases are frequently considered bullish indicators.
Nonetheless, considering that the price of Ethereum has dropped significantly in June, even though it was up 2.85% in the last day at the time of writing.
According to CoinMarketCap data, ETH was trading close to $2000 by the end of May and has since fallen to a low of $1,661.50.
Is Lee’s Bitmine following Saylor’s Strategy?
As a result, when we combine Bitmine’s ETH purchases with the price movement of ETH, it is evident that Bitmine is employing the “buy-the-dip” strategy. Comparing this to Bitcoin [BTC] treasury companies, the majority of them adhere to this guide.
However, the main credit goes to Michael Saylor for starting the trend of the “buy-the-dip” strategy.
Needless to say, there is a lot of discussion about whether Bitmine is actually Ethereum’s strategy. Here, AMBCrypto recently came to the conclusion that Bitmine is seen by some as a yield-driven version of Strategy that is focused on Ethereum.
That being said, AMBCrypto also disclosed that 4.72 million ETH are also staked out of its total ETH reserves—indicating long-term goals.
Ethereum’s market dynamics paint a different picture
This happens as the ETF market faces difficulties, despite some indications of strength in the price action of ETH. According to Farside Investors data, the majority of May and June witnessed millions of dollars going out of ETH ETFs.
As of now in June, the ETH ETF has seen inflows of just $101.7 million but outflows of $270.1 million.
However, in June 2026, Ethereum’s Spot Taker CVD switched from strong sell dominance in May 2026 to buy dominance.
This indicated that the supply is once again being absorbed by spot buyers as aggressive selling pressure has subsided.
The change supports the larger story of increasing institutional interest in ETH and suggests renewed accumulation rather than ongoing distribution.
Final Summary
- Bitmine too jumps on the ‘buy-the-dip’ strategy as it adds more Ethereum during the price decline.
- The ETF market is showing signs of weak institutional interest despite price hikes and Spot Taker CVD switching to buying dominance.
