Bitmine Immersion Technologies chairman Tom Lee confirmed on Monday that the firm executed a significant accumulation strategy during a recent market correction. The crypto treasury company capitalized on Ether trading below $2,200 to acquire an additional 71,672 ETH for its corporate stockpile. This transaction occurred while the asset traded within a $2,081 to $2,341 range over the preceding seven days, closing at $2,128 on Tuesday with an 8.7% decline for the period. Lee explicitly characterized the price dip as an attractive entry point, stating that Bitmine aims to reach the milestone of holding 5% of the circulating supply sometime in 2026. As the largest dedicated Ether treasury entity, the firm mirrors the accumulation business model pioneered by Strategy under Michael Saylor, consistently purchasing the token even during broader market downturns.

The latest acquisition brings Bitmine's total treasury holdings to more than 5.2 million ETH against a target of 5% of the 120.7 million circulating supply. Data compiled by Woofun AI indicates that this specific purchase of 71,672 ETH marks a deviation from the firm's previous aggressive pace. Between May 4 and May 11, the company bought 26,659 ETH, breaking a three-week streak where it had added more than 100,000 ETH per week. Despite the reduced weekly volume compared to the immediate prior weeks, the firm maintains its long-term accumulation trajectory, signaling confidence in the asset's fundamental value despite short-term volatility.

Concurrently, broader market sentiment shows signs of renewed interest from long-term holders. Blockchain analytics platform Lookonchain reported on Saturday that a prominent Ethereum whale, who originally purchased ETH more than a decade ago and liquidated holdings a year prior, has resumed buying activity. This entity acquired 1,951 ETH at $2,182 over the weekend, prompting speculation that further accumulation may follow. The return of such a significant historical holder suggests that market participants view current valuations as a strategic opportunity rather than a signal of continued bearish momentum.

Lee attributed the recent price suppression to external macroeconomic factors, specifically citing rising oil prices that surged following the escalation of conflict in the Middle East earlier this year. He posited that these energy costs have acted as a consistent drag on Ether's valuation. Woofun AI notes that Lee predicted a reversal in oil price trends could serve as a catalyst for Ether recovery. The token previously reached an all-time high of $4,946 in August 2025 but has since depreciated by approximately 57%. This correlation between energy markets and digital asset performance highlights the sensitivity of the sector to global geopolitical stability.

Despite the recent drawdown, institutional forecasts remain varied regarding the asset's year-end trajectory. Citigroup predicted in March that ETH could reach $3,175 within the next 12 months, with a bull case scenario projecting a price of $4,488 driven by stablecoin integration and tokenization utility. Conversely, prediction market data cited by CoinGecko suggests a 48% probability of the token ending the year at $1,500 and a 25% chance of closing at $3,500. These divergent models reflect the uncertainty surrounding macroeconomic variables and adoption rates.

Earlier this year, Standard Chartered presented a more optimistic outlook through Geoffrey Kendrick, the bank's head of digital assets research. In a January report, Kendrick forecast that Ether could hit $7,500 by the end of the year, driven by expanding blockchain adoption and the proliferation of onchain products. Woofun AI analysis suggests that while short-term volatility persists due to geopolitical friction, the divergence between institutional price targets and current market levels may create significant arbitrage opportunities for long-term treasury strategies like Bitmine's.