BitMine Immersion Technologies has aggressively reinforced its digital treasury strategy by acquiring over 54,000 Ether valued at approximately $173 million during the last week, as confirmed by its chairman, Thomas Lee. This bold move comes at a critical time, as the firm seeks to consolidate its position while Lee attributes the recent price apathy to a liquidity contraction caused by a major market maker scaling back operations following the October 10 crash.
The company, focused on digital asset management, has raised its total holdings to nearly 3.6 million ETH, representing close to 3% of the total circulating supply of the token in the global market. In addition to this massive accumulation of crypto assets, the firm reported a substantial increase in its cash reserves, which rose to $607 million compared to the $398 million reported the previous week, strengthening its balance sheet against volatility.
Could the withdrawal of a major institutional player be simulating a silent quantitative tightening?
Lee’s analysis suggests that the price drop is not due to a lack of fundamental interest, but rather a financial “hole” in a wounded market maker’s balance sheet. This situation has forced said actor to reduce its liquidity functions to raise emergency capital, creating an effect similar to a temporary “quantitative tightening” (QT) in the crypto ecosystem. This technical phenomenon is reportedly artificially suppressing valuations, replicating patterns observed during periods of financial stress in 2022 that lasted between six and eight weeks.
Despite the current bearish pressure and the 2.6% drop in BitMine Immersion Technologies shares, the leadership maintains an optimistic long-term view. Lee argues that the bull cycle has not yet peaked and that structural drivers could extend the market top well into the year 2026, driven by new adoption dynamics. The tokenization of real-world assets, such as stocks and bonds on the Ethereum blockchain, is shaping up to be the next major value unlock for the traditional financial system.
Looking ahead, the market’s ability to absorb this liquidity shock will define the price trajectory in the short term. As the consolidation of massive corporate treasuries continues to set the institutional pace, investors will need to watch whether the recovery of market makers succeeds in reactivating the bullish momentum needed to break through current resistance levels before the year ends.
