Ethereum Price: $294 Million in ETH Added – What We Know

BitMine's Ethereum Hoard: Genius Move or Just Another Crypto Gamble?

So, BitMine's at it again, huh? Scooping up another $294 million in ETH last week. Eighty-two thousand ETH, give or take. They now control, like, 2.8% of the entire Ethereum supply. That's a hell of a lot of digital coins. But is it smart, or just plain reckless? Because let's be real, in the crypto world, "smart" and "reckless" often look exactly the same until the music stops.

And speaking of stopping, BitMine's stock (BMNR) is down 8%. ETH is tanking, too, hovering around $3,600. Tom Lee, bless his heart, is still spouting the "end-of-year rally" nonsense. He's on CNBC, telling everyone that "fundamentals are leading price in crypto." Yeah, right. Tell that to the guys who just lost a billion dollars in liquidations.

The Tom Lee Hype Machine

Lee's calling the recent $19 billion liquidation a "miniature rupture." A "reset point." Okay, Tom. Whatever you say. He's predicting Bitcoin to $150k or $200k, and ETH to $7,000. That's... optimistic, to say the least. I'd love to know what he's smoking.

Look, I get it. He's the Chairman. He has to pump the bags. But give me a break. Anyone remember when all those other "crypto gurus" were calling for $100k Bitcoin last year?

BitMine's sitting on $12.5 billion in ETH. That's a lot of faith in a digital asset that's more volatile than my ex-girlfriend.

And they've got some Bitcoin, a stake in EightCo, and some actual, you know, cash. Which, offcourse, is probably the smartest thing they're doing.

The Liquidation Bloodbath

Speaking of volatile, did you see the bloodbath on Monday? Over $1.27 billion liquidated. Longs got absolutely crushed. Ninety percent of those liquidations were bullish bets gone wrong. Ouch. BTC, ETH, XRP , SOL News: Traders Lose Over $1B in 24 Hours as Longs Get Crushed

They say these events are "clearing moments." A chance to "reset leverage." But honestly, it just looks like another reminder that crypto is a casino, and the house always wins. Except sometimes, the house also loses big, because remember Terra/Luna?

Hyperliquid saw $374 million in liquidations, 98% of them longs. Binance, Bybit, all the usual suspects got in on the action. It's like watching a digital demolition derby.

But here's the question nobody seems to be asking: if these liquidations are supposed to be healthy "clearing moments," why do they always seem to happen right before the market tanks even further? Is it really a "reset," or just the prelude to the next leg down? And if Tom Lee is so smart, why didn't he see this coming?

The Big Gamble

BitMine holding more ETH than SharpLine Gaming by year's end? Ninety-five percent of some prediction market thinks so. Who cares? Prediction markets are about as accurate as weather forecasts.

Here's the thing: BitMine is making a massive bet on Ethereum. They're either geniuses, or they're going to be the next cautionary tale in the crypto history books. There's no in-between.

And honestly, I'm not sure which one I'm rooting for. A part of me wants to see them win, just to prove all the naysayers (including me) wrong. But another part of me... well, let's just say schadenfreude is a powerful emotion.

Another Day, Another Crypto Circus