{"id":599954,"date":"2026-05-19T10:00:16","date_gmt":"2026-05-19T14:00:16","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=599954"},"modified":"2026-05-19T04:45:43","modified_gmt":"2026-05-19T08:45:43","slug":"bitmine-buys-attractive-ethereum-dip-despite-eths-12-6-pullback-heres-why","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitmine-buys-attractive-ethereum-dip-despite-eths-12-6-pullback-heres-why\/","title":{"rendered":"Bitmine buys \u2018attractive\u2019 Ethereum dip despite ETH\u2019s 12.6% pullback &#8211; Here\u2019s why"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Bitmine Immersion Technologies, the world\u2019s largest Ethereum [ETH] treasury firm, took advantage of the recent ETH price dip.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the 18th of May, the firm reported that it now holds 5.28 million ETH, worth $11.2 billion at current market prices. This followed last week\u2019s acquisition of $153 million worth of ETH (71,672 tokens). Commenting on the latest buying spree, Tom Lee, Bitmine\u2019s chairman, said,\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">We view the recent pullback of ETH to below $2,200 as an attractive opportunity. Bitmine is expected to reach the &#8216;alchemy of 5%&#8217; sometime in 2026.<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">The firm is targeting 6 million <a href=\"https:\/\/ambcrypto.com\/coins\/ethereum\/\" target=\"_blank\" rel=\"noopener\">ETH<\/a> and has already reached 87% of that goal. Currently, Bitmine has staked 89% of its holdings, 4,712,917 ETH valued at $10.3 billion. <\/span><span style=\"font-weight: 400;\">Furthermore, Lee is positioning the firm to bet on the tokenization and AI agents&#8217; boom. According to him, Ethereum will serve as an infrastructure layer for these two themes, and ETH will be the ultimate winner.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, as of writing, ETH appeared at the crossroads, with analysts expressing conflicting outlooks.\u00a0<\/span><\/p>\n<h2><strong>Staking soars, but ETH price lags<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">So far in 2026, ETH staking demand surged to a record 32% in April. Despite a slight cool-off in early May, the staking demand is now back to 31% of the overall supply.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By extension, this could be read as a long-term holder\u2019s bullish conviction. And on-chain tokenization could drive the staking demand even further, especially after the SEC plans to unveil a regulatory framework for the sector this week.\u00a0<\/span><\/p>\n<figure id=\"attachment_599958\" aria-describedby=\"caption-attachment-599958\" style=\"width: 501px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/05\/Bitmine-Ethereum-staking.png\"><img decoding=\"async\" class=\"size-full wp-image-599958\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/05\/Bitmine-Ethereum-staking.png\" alt=\"Bitmine Ethereum \" width=\"501\" height=\"355\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/05\/Bitmine-Ethereum-staking.png 501w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/05\/Bitmine-Ethereum-staking-300x213.png 300w\" sizes=\"(max-width: 501px) 100vw, 501px\" \/><\/a><figcaption id=\"caption-attachment-599958\" class=\"wp-caption-text\">Source: The Block<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Still, some players, such as <\/span><a href=\"https:\/\/ambcrypto.com\/positive-for-eth-price-grayscale-backs-ethereum-staking-reward-cap\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Grayscale<\/span><\/a><span style=\"font-weight: 400;\">, believe a high ETH staking ratio does not inherently improve network security. In fact, it could do more harm than good, as extra supply from staking rewards could cap ETH\u2019s value.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the price charts, ETH has dumped harder than BTC during the recent pullback. While BTC slipped about 7%, ETH <a href=\"https:\/\/ambcrypto.com\/ethereum-sees-246mln-in-liquidations-can-eth-hold-2015-support\/\" target=\"_blank\" rel=\"noopener\">slumped<\/a> 12.6% and dropped below $2200.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Part of the soured market sentiment could also have been driven by Jane Street rotating to ETH, as its BTC manipulation claims could have spooked other investors. ETH&#8217;s market sentiment dipped to fear levels of 29. <\/span><span style=\"font-weight: 400;\">But according to the on-chain analytics platform, <\/span><a href=\"https:\/\/x.com\/Alphractal\/status\/2056467616089469430\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Alphractal<\/span><\/a><span style=\"font-weight: 400;\">, ETH was not \u2018dead\u2019 yet. The firm noted that whales with over 10K ETH had collectively increased their holdings to 41 million tokens.\u00a0<\/span><\/p>\n<figure id=\"attachment_599964\" aria-describedby=\"caption-attachment-599964\" style=\"width: 1000px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/05\/Bitmine-Ethereum-Alphractal.jpg\"><img decoding=\"async\" class=\"size-full wp-image-599964\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/05\/Bitmine-Ethereum-Alphractal.jpg\" alt=\"Bitmine Alphractal\" width=\"1000\" height=\"562\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/05\/Bitmine-Ethereum-Alphractal.jpg 1000w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/05\/Bitmine-Ethereum-Alphractal-300x169.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/05\/Bitmine-Ethereum-Alphractal-768x432.jpg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/05\/Bitmine-Ethereum-Alphractal-960x540.jpg 960w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/05\/Bitmine-Ethereum-Alphractal-640x360.jpg 640w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/05\/Bitmine-Ethereum-Alphractal-320x180.jpg 320w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/05\/Bitmine-Ethereum-Alphractal-160x90.jpg 160w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/a><figcaption id=\"caption-attachment-599964\" class=\"wp-caption-text\">Source: Alphractal<\/figcaption><\/figure>\n<hr \/>\n<h2>Final Summary<\/h2>\n<ul>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Bitmine now holds $11 billion worth of ETH and has staked 89% of it after taking advantage of the recent price dip.\u00a0<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Staking demand has surged, but the ETH price was yet to follow suit.\u00a0<\/span><\/em><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite ETH staking demand surging to 31%, the altcoin&#8217;s price has lagged behind. <\/p>\n","protected":false},"author":79,"featured_media":599973,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,32,66,3,4,20],"tags":[6427],"class_list":["post-599954","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - 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