The crypto market experienced one of its sharpest corrections in recent weeks, with over $200 billion erased in value.
Bitcoin plunged to a seven-week low, taking Ethereum down to $4,313 before it rebounded above $4,430, showing early signs of resilience.
Fundstrat Global Advisors co-founder Tom Lee suggested that Ethereum’s lowest point may have arrived in the “next few hours.”
His projection came as ETH started to recover, hinting that the worst of the recent sell-off may be over.
Mark Newton, Fundstrat’s head of technical strategy, added that Ethereum’s current setup offers a strong risk-to-reward scenario.
“ETH is a very good risk/reward here. I am highly skeptical it breaks this trend nor breaks 4067 from 8/18.. THAT'S whats required to think a bullish stance near-term is wrong.
Ideally this should bottom out sometime in next 12 hours near 4300 and start to push up back to new highs and get above 5100 and up to near 5400-5450.”
Institutional interest in Ethereum is growing.
BitMine Immersion Technologies purchased 4,871 ETH worth $21.3 million during the recent dip, bringing its total holdings to 1.72 million ETH, valued at around $7.5 billion.
Source: Arkham
This makes BitMine the largest corporate holder of Ethereum, controlling nearly 40% of all Ether held by corporate treasuries.
The Delaware-based firm financed these purchases through operating cash flow and an existing revolving credit facility, reaffirming crypto accumulation as a central part of its capital strategy.
The trend extends beyond BitMine.
Michael Saylor’s Strategy added $357 million in Bitcoin, while BlackRock ramped up Ethereum purchases by 65% over the past 30 days, accelerating its ETH accumulation 15 times faster than Bitcoin.
Corporate Ethereum holdings surged 127% in July, reaching 2.7 million ETH valued at $11.6 billion, with 70 entities now controlling 4.3 million ETH, about 3.6% of the total supply.
Major investors appear to be shifting focus from Bitcoin to Ethereum.
One prominent whale acquired $128.32 million worth of ETH while reducing Bitcoin exposure, and even political figures reportedly joined the trend, with former US president Trump adding $8.6 million in Ethereum alongside $10 million in Bitcoin.
This rotation has helped drive a 25% monthly rally for ETH, significantly outpacing Bitcoin’s 5.3% decline.
BitMine filed for an additional $20 billion at-the-market equity offering, expanding its total stock sale capacity to $24.5 billion.
The proceeds are earmarked for further Ethereum acquisitions, targeting around 5% of Ethereum’s total supply, roughly six million tokens worth $22 billion.
Quantitative indicators also suggest Ethereum is poised for a rebound.
Updated trendlines have reinforced a more bullish structure, removing the possibility of a deep retest near $4,150.
Futures open interest for Ethereum on CME is rising alongside the price, highlighting growing institutional participation, while Bitcoin lacks similar signals.
The combination of aggressive institutional accumulation, supportive technical setups, and selective whale activity positions Ethereum for a potential short-term recovery, with analysts eyeing $5,100 to $5,450 as the next key levels.
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