BitMine Adds 14,618 ETH. Price Stays Flat. Can Ethereum Fall Below $3000?

You’d think a $44 million ETH purchase would move the needle. It didn’t.

BitMine Immersion Technologies scooped up 14,618 ETH on November 28, and the market reacted with a collective shrug. According to on-chain data tracked by Onchain Lens, the $44.34 million transaction moved from BitGo’s wallet straight into BitMine’s treasury.

That’s a lot of money flowing into Ethereum, but the price? Still stuck around $3,000. Which raises an uncomfortable question for holders: will Ethereum fall even lower from here?

BitMine Is Playing the Long Game

Here’s where it gets interesting. BitMine now sits on 3.63 million ETH. That’s roughly 3% of everything that exists. Their end goal? A cool 5% of the total supply, which would put them at nearly 6 million tokens.

Do the math at today’s price of about $3,062, and you’re looking at a $10.39 billion position. Tom Lee, the market strategist running the show, clearly believes in where this is headed. But belief doesn’t always translate to price action, at least not right away.

Companies are piling into ETH lately. Corporate wallets now hold $24.97 billion worth, about 5.01% of all tokens. These aren’t small players either. They’re betting on staking yields, tokenized assets, and Ethereum’s role in the next phase of finance.

But here’s what’s weird. All this institutional buying hasn’t stopped the bleeding. Retail investors are spooked, and the price shows it. The question of whether Ethereum fall continues from current levels is keeping traders up at night.

The Stock Jumped, But ETH Didn’t Follow

BitMine’s stock (BMNR) actually had a good day. It popped nearly 9% to around $31.74 after the purchase went public. Even so, the stock is down 37% over the past month because it tracks ETH so closely.

When crypto drops 22% in a month, like it just did, anything tied to it gets hammered. BitMine’s buying spree looks smart for the long run, but the short term? Brutal.

The disconnect between corporate confidence and market reality is pretty stark right now.

Why Concerns About Ethereum Fall Are Growing

ETH is trading at $3,062 right now, down 25% from where it was a month ago. That $3,000 level isn’t just a round number. It’s psychological. Break below it for real, and stop losses start triggering. That creates more selling, which pushes prices lower, which triggers more stops. You get the picture.

Spot ETH ETFs are bleeding money. When institutional investors yank funds from regulated products, it tells you they’re not feeling confident about what’s coming next. These aren’t retail panic sellers. These are smart money players who’ve decided to sit on the sidelines for now.

Liquidity is terrible across the board. Without strong volume, big buys like BitMine’s just don’t matter much. You need sustained demand from multiple sources to flip a trend, and we’re not seeing that yet.

Gas fees are down. Network activity has cooled off. That means fewer people are actually using Ethereum for transactions, which doesn’t exactly scream bullish demand.

Then there’s the competition. Solana keeps eating market share in DeFi and NFTs. Other Layer 1 networks are doing the same. Ethereum still dominates, but its grip has loosened. If this trend continues, we could see Ethereum fall further behind its competitors.

What Could Make Ethereum Fall Further

A few things could make this worse before it gets better.

If Bitcoin cracks below its support levels, everything else follows. BTC still leads this market, and when it bleeds, altcoins hemorrhage.

More ETF outflows would pile on the pressure. Each day of net negative flows removes buying support and adds to the bearish narrative.

Macro headwinds aren’t helping either. When traditional markets wobble, crypto gets hit twice as hard. Risk-off sentiment doesn’t discriminate.

The good news? Support does exist around here. A lot of traders have been quietly accumulating between $2,800 and $3,200. Those buyers might step up if we test lower levels.

Also Read: Is Ethereum in Danger? Vitalik Warns Quantum Computers Could Break ECC by 2028.

The Other Side of the Coin

Look, it’s not all doom and gloom. BitMine isn’t stupid. They’re dropping billions into ETH because they see something worth owning long-term.

Staking yields give holders steady income. That’s more than you can say for a lot of traditional assets right now. Corporate adoption keeps growing. Major financial institutions are building on Ethereum whether retail investors notice or not.

The Pectra upgrade already went live back in May 2025. That brought improvements in staking, account abstraction, and blob capacity. Future upgrades like Verkle Trees and danksharding are still on the roadmap to make the network faster and cheaper.

Layer 2 solutions built on top of Ethereum are thriving. Arbitrum, Optimism, and Base are all growing. And when they grow, Ethereum benefits.

Development activity is still strong. The ecosystem isn’t dying. It’s just going through a rough patch like crypto always does.

What to Watch Next

ETF flows are the big one. When those turn positive again, sentiment is shifting. Until then, expect chop.

Bitcoin’s chart matters more than anything Ethereum-specific right now. Watch BTC’s key levels because they’ll dictate where ETH goes.

On-chain metrics tell the real story. Active addresses, transaction volume, and gas usage. When those numbers tick up consistently, actual demand is returning.

Technical levels matter too. A clean break above $3,400 would be bullish. Dropping below $2,800 would be rough.

The $3,000 mark is the line in the sand right now. Will Ethereum fall below it and stay there? Probably. Will it? That depends on whether buyers show up or if sellers keep control.

Right now, the smart money is accumulating. The market just hasn’t figured out if it agrees yet.

At the time of writing the article, Ethereum (ETH) is trading at $3,062 USD, and it has fallen 0.31% in the past 24 hours.

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Disclaimer:

This article is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency investments carry significant risk, and past performance does not indicate future results. The information presented is based on publicly available sources at the time of writing and may become outdated. Readers should conduct their own research and consult with qualified financial advisors before making any investment decisions.