BitMine Immersion Technologies increased its Ethereum holdings last week as Chairman Thomas Lee outlined why he believes the market could be entering its largest crypto bull cycle.
The company purchased 12,532 ETH, lifting its treasury to approximately 6.028 million tokens and moving closer to its goal of holding 5% of Ethereum’s supply.
Lee’s bullish forecast contrasts with Ethereum’s weaker near-term technical picture and substantial unrealized losses on BitMine’s holdings.
Lee identifies four potential bull market drivers
In a Monday statement, Lee highlighted tokenization, generational wealth transfers, supply absorbed by digital asset treasury companies, and crypto’s connection to AI as potential catalysts.
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BitMine provided its latest holdings update for October 12, 2026$16.2 billion in total crypto + "moonshots":
– 6,028,946 ETH at $2,544 per ETH (per @coinbase)
– 214 Bitcoin (BTC)
– $180 million stake in Beast Industries @MrBeast
– $85 million stake in Eightco Holdings…— Bitmine (NYSE-BMNR) $ETH $BMNP (@BitMNR) October 12, 2026
He argued that younger generations inheriting wealth may have greater appetite for cryptocurrencies and equities, potentially supporting demand.
Lee also said treasury companies’ accumulation over the past year could reduce available crypto supply. He contrasted that dynamic with the 2019–2021 cycle, when digital asset treasuries played a smaller role.
These factors underpin Lee’s forecast, rather than establishing that a record bull market is underway.
BitMine’s latest purchase brings the company closer to its accumulation ceiling. Lee said much of its approximately 6 million ETH treasury was acquired during a crypto bear market, positioning the company for a potential recovery.
Last week, he said BitMine would stop buying once its holdings reached 5% of Ethereum’s supply. Reaching that threshold would remove a recurring source of ETH demand that has supported the market over the past year.
Despite continued accumulation, Artemis data indicates the company’s holdings carry more than $4 billion in unrealized losses.
ETH price outlook: $2,400 support holds
Ethereum recorded approximately $183.61 million in liquidations over the past 24 hours, with long positions accounting for 144.37 million.
On the daily chart, ETH has defended the $2,400 support level and is now looking to reclaim the 20-day EMA near $2,592.
That positioning leaves the short-term outlook neutral to bullish, although the 100-day EMA at $2,351 provides a deeper support reference for the broader trend.
The Relative Strength Index is near 42, while the Stochastic oscillator stands around 28. Both suggest subdued buying momentum as ETH attempts to stabilize after its pullback.
The ETH/USD daily chart remains bullish as Ethereum defended the $2,400 support over the last 24 hours.
At press time, ETH is trading around $2,523, with immediate resistance at $2,548, followed by the 20-day EMA around $2,592.
A sustained recovery above those levels would bring $2,636 and $2,781 into focus. More distant resistance sits at $3,075 and $3,253.
On the downside, a daily close below the 50-day EMA at $2,503 could expose the support cluster between $2,355 and the 100-day EMA at $2,351.
If selling accelerates, the next deeper levels identified in the analysis are $2,204 and $1,971.
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