BitMine Buys $48.89M ETH as Tom Lee Cites AI Downstream Story
Ethereum (ETH)
Asianet News reports that BitMine Immersion Technologies, led by Tom Lee, purchased 20,000 ETH worth $48.89 million from Kraken. This acquisition brings the firm closer to its goal of holding 5% of the total Ethereum supply, with its disclosed position now at 5.87 million ETH. Lee attributes the move to the "AI downstream" narrative and strengthening crypto fundamentals like tokenization and easing financial conditions. The company stated it does not need to sell ETH to cover costs, as staking rewards generate approximately $330 million in annual revenue. BitMine remains about 187,000 ETH short of its 5% target. This buying activity occurs as broader AI stock demand cools and Ethereum price stagnates. Retail sentiment around BitMine stock remains extremely bullish despite a slight pre-market dip.
What Whalio's data showed
Binance spot order flow for ETH, measured when this story was published on 26 August 2026.
The 1-hour buy ratio of 59.2% indicates strong immediate buying pressure, contrasting sharply with the 24-hour ratio of 45.7% which shows a majority of sellers over the full day. Volume delta supports this short-term strength, with a positive $9,416,780 in the last hour versus a negative $71,475,879 over 24 hours. The 4-hour metrics sit in the middle, with a buy ratio of 50.4% and a modest positive delta of $828,030. This divergence suggests that recent buying activity is building momentum after a period of net selling. The positive 1-hour delta signals that current market participants are actively absorbing sell-side liquidity. However, the overall 24-hour negative delta confirms that the broader trend has been dominated by sellers until this recent shift.