BitMine Buys $50M Ethereum As Santiment Eyes $3.2K Level

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Tom Lee’s Ethereum treasury firm BitMine has bought $50.1 million worth of ETH, with Santiment saying the altcoin could test the $3,300 resistance level soon.

This is as the largest altcoin by market cap fell more than 1% over the past 24 hours to trade at $2,993.61 as of 1:53 AM EST.

Ethereum price (Source: CoinMarketCap)

BitMine is buying the dip

ETH’s 24-hour price decline extended the altcoin’s negative weekly streak to over 22%, with BitMine, the largest holder of ETH, bought the dip.

On-chain analytics firm Lookonchain said the new wallet “likely linked” to BitMine received 16,693 ETH tokens from FalconX.

Looks like Tom Lee)@fundstrat) #Betmain Just bought another 16693 $ Ethereum($50.1 million).

New wallet 0x2e6c – probably linked to it #Betmain – Just received 16693 $ Ethereum($50.1 million) from #FalconX.https://t.co/yZbTCFm9GT pic.twitter.com/4NExu4RpTw

– Loconchain (@loconchain) November 29, 2025

Santiment says ETH could regain $3,200 soon

Many cryptocurrency Twitter users commented that buying BitMine ETH could be a strategic position by the treasury company. This is in line with recent analysis by Santiment.

Recently a reportSantiment expects ETH to regain $3,200 soon, as low stablecoin yields indicate that the cryptocurrency market has not yet reached overheated conditions.

“Yields are currently low, around 4%. This suggests that the market has not reached a significant top and can still go higher,” the company said. “This is the main reason why Santiment analysts believe that Ethereum may still be trying to reach the $3,200 resistance level,” Santiment said.

ETH ETFs continue their streak of inflows

Meanwhile, spot ETFs (exchange-traded funds) find themselves riding a multi-day cascade of inflows.

Data from Persian investors It shows that ETH investment products have seen five consecutive days of daily net inflows. This followed an eight-day series of outflows, which saw hundreds of millions of dollars in funds exit.

In the last trading session, there were only two funds recording inflows. BlackRock’s ETHA, the largest spot ETH ETF by cumulative inflows, consolidated its dominance with net inflows of $68.3 million. The only other fund to record inflows was Grayscale’s ETHE fund, which saw inflows of $8.3 million.

Technicians are starting to turn bullish for ETH

ETH technical indicators also indicate the upcoming move for Ethereum price.

WETH/USD daily chart (Source: GeckoTerminal)

ETH is currently trying to flip the $3,070 resistance level to the support level. A break above this level will be important, because the barrier is also located near the 9 and 20 EMAs on the daily chart. As such, overcoming resistance could signal a bullish shift in momentum that could see ETH rise more than 15% to $3,590.

Meanwhile, the Moving Average Convergence and Divergence (MACD) shows that the bulls have a slight upper hand, while the Relative Strength Index (RSI) shows that ETH’s bullish potential is greater than its bearish potential.

The bullish hypothesis could be invalidated if ETH is rejected at $3,070. This could lead to a correction to $2,705.

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