Ethereum News Today: BitMine's ETH Buy Spree Defies Downtrend, Targets $7,500 Rebound

Ethereum's price slid below $2,800 on Dec. 1, 2025, as the crypto market grappled with broader volatility, yet BitMine Immersion Technologies continued its aggressive ETH accumulation strategy. The Ethereum-focused treasury firm, led by Fundstrat's Tom Lee, added $83 million worth of ETH in its latest purchase, pushing its total holdings to 3.72 million ETH, or 3% of the circulating supply. This move aligns with Lee's long-term goal of acquiring 5% of ETH's total supply, a target he reiterated despite the token's 22.3% decline in November and further 8% drop in early December.

BitMine's strategy hinges on leveraging equity raises and staking rewards to offset costs. The firm's treasury now includes 192 BTC, a $37 million stake in Worldcoin (WLD) via Eightco Holdings, and $882 million in unencumbered cash. Lee attributes ETH's dip to "quantitative tightening" (QT) effects and anticipates a rebound to $7,500 by year-end 2025, citing favorable macro conditions and potential Fed rate cuts. Institutional support for BMNR, including ARK Invest's 240K share purchase and Jim Kim's 1.1M share stake, underscores confidence in the firm's low-operating-cost model.

Technical analysts and institutional players remain divided on ETH's near-term prospects. While BitMine's purchases signal bullish sentiment, on-chain data reveals $228.6 million in futures liquidations over 24 hours, with longs accounting for $209.9 million of the losses. ETH's price struggles to reclaim key levels, currently testing support near $2,620 after failing to hold above $2,850 as the market grapples with broader volatility. However, Layer 2 ecosystem growth and potential Fed rate cuts by Dec. 10 could catalyze a rebound. A 1% ETH recovery is projected to drive an 1.88% gain in BMNR's stock price.

The Grayscale Investments' spot Dogecoin Trust ETF (GDOG) launched on NYSE Arca on the same day, marking the first U.S.-regulated spot ETF for DOGE. This development, coupled with BitMine's ETH buying spree, highlights crypto's growing integration with traditional finance (TradFi). GDOG's debut follows regulatory hurdles and aims to attract both accredited and retail investors by offering direct exposure to DOGE tokens though broader crypto flows remain bearish.

Lee's supercycle thesis for ETH rests on stablecoin growth, real-world asset (RWA) tokenization, and institutional adoption. He envisions ETH reaching $15,000 by 2025 and $60,000 by 2030, driven by 15x growth in stablecoin and RWA markets. Critics caution that delays in ETH's rally and ongoing outflows from Ethereum ETFs pose risks, with some analysts warning of a potential drop to $2,620–$2,640 if downward momentum persists.

As the market navigates uncertainty, BitMine's continued accumulation and Grayscale's ETF expansion underscore crypto's evolving landscape. The interplay between macroeconomic catalysts, Layer 2 adoption, and institutional staking could determine whether ETH's current dip proves a buying opportunity or a deeper correction.