Bitmine Immersion Technologies extended its Ether buying streak to a fifth week, gaining 71,179 Ether in its largest weekly purchase of 2026 so far.
The more or less The $147 million purchase of Ether (ETH) marks a jump from Bitmine’s previous weekly average of $93 million to $103 million, the company said in a statement on Monday.
Last week, Lee said that Ether is in the final stages of a mini-crypto winter and stated that this is a key reason why the company has maintained aggressive Ether purchases over the past few weeks. In its previous four purchases in March, Bitmine purchased a total of 238,244 Ether.
“Bitmine has maintained an increased pace of ETH purchases in each of the last four weeks as our base case is that ETH is in the final phase of its ‘mini-crypto winter,’” Lee said on Monday.
Cryptocurrency markets have continued to be volatile since the crash in October. There were also signs of slowing momentum from institutional investors, with inflows of exchange-traded cryptocurrency products withering amid ongoing tensions in the Middle East.
However, Lee said there may be lithe at the end of the tunnel for cryptocurrency markets once risks start to decline in oil markets.
“The inverse correlation of cryptocurrencies and stocks to crude oil is rising and peaked last year,” Lee said.
“This is logical. Until stock markets come to terms with the future trajectory of oil prices, rising oil will be a tailwind for stocks and cryptocurrencies. In some sense, the crypto winter will likely end when the risk of rising oil prices peaks,” he added.
Bitmine’s closest associates are hushed about ETH purchases
Currently StrategicEthReserve songs 67 immense holders of the Ether treasure, with Bitmine leading by a immense margin. SharpLink Gaming is in second place with 863,000 Ether, and Ether Machine is in third place with 496,000 tokens.
Among the three largest Ether treasury companies, Bitmine is the only one to publicly disclose purchases this year.
According to StrategicEthReserve, SharpLink Gaming last purchased 3,600 Ether in December, while Ether Machine has not purchased since acquiring 1,400 Ether in October.
The strategy buys 45,000 Bitcoins in 30 days
According to CryptoQuant, a similar trend is taking place among Bitcoin treasures.
On Wednesday, Cryptoquant analysts said Michael Saylor’s strategy was almost the only factor influencing demand for Bitcoin (BTC) treasury bonds over the past 30 days.
Bitcoin purchases from non-Strategy companies totaled approximately 1,000 BTC over the last 30 days, down 99% from peak levels, while Strategy purchased 45,000 BTC over the same period.
Related: Bitmine launches an institutional Ethereum staking platform
Michael Saylor Strategy remains the leading public cryptocurrency company reported as of Sunday, he held 762,099 Bitcoins worth over $51 billion.
However, the company recently halted regular purchases, and Saylor did not report any purchases to the U.S. Securities and Exchange Commission between March 23 and March 29.
Warehouse: Morgan Stanley Bitcoin ETF Undercuts BlackRock, SBF Pardon Unlikely: Hodler’s Digest, March 22-28
