Bitmine Immersion Technologies Purchases 71,000 Additional Ethereum... Institutional Buying Persists Amid Liquidity Contraction Caused by Surging Oil Prices

While the cryptocurrency market is experiencing liquidity pressure due to rising energy costs, Bitmine Immersion Technologies (BMNR) demonstrated long-term confidence by purchasing more than 71,000 Ethereum (ETH) last week. Fundstrat founder Tom Lee pointed to surging oil prices, with Brent crude nearing $111 per barrel, as the primary cause of Ethereum's price decline, defining it as 'short-term tactical noise' obscuring strong network fundamentals.

Ethereum is currently significantly undervalued. While Ethereum is suffering collateral damage as the market becomes more sensitive and liquidity decreases due to rising oil prices, the network itself remains robust.

Bitmine's recent purchase contrasts with the trend of other asset managers slowing or halting their buying. With most companies maintaining a wait-and-see approach, except for Michael Saylor's MicroStrategy, Bitmine is acting as a major source of market demand, breaking the record for the largest weekly purchase of 2026. The company carried out aggressive asset accumulation during the period from May 11 to 17, 2026.

Bitmine's Aggressive Accumulation: 71,000 ETH Purchased in 7 Days

According to a financial report released on May 11, 2026, Bitmine's total cryptocurrency and cash holdings amount to $13.4 billion. The company currently holds 5.21 million Ethereum tokens, representing approximately 3.52% of the total supply. Bitmine receives strong support from leading institutional investors such as Cathie Wood's ARK, Pantera, and Galaxy Digital.

• Total Ethereum holdings: 5.21 million (3.52% of total supply)
• Total asset size: $13.4 billion (including cash, cryptocurrency, and other investments)
• Weekly Ethereum purchase volume (May 11–17): Over 71,000
• Average daily trading volume: $625 million (5-day average)

According to Tom Lee's macroeconomic analysis, a clear inverse correlation has formed between oil prices and Ethereum prices. He explained that due to geopolitical tensions, Brent crude oil soared to $111 and West Texas Intermediate (WTI) to $108, and this rise in energy prices is shrinking global liquidity, putting downward pressure on Ethereum, a risky asset. Lee analyzed that Ethereum has become a temporary 'secondary victim' as the market becomes more selective and conservative.

In particular, the intensifying geopolitical conflicts in the second quarter of 2026 are disrupting crude oil supply chains in Asia and increasing volatility in the energy market. Rising energy prices have stimulated inflation concerns and strengthened investors' risk aversion, leading to a liquidity crunch across the digital asset market. However, Lee predicted that as long as activity within the ecosystem continues, Ethereum's price will eventually follow its economic value.

Internal Disagreements and Long-term Growth Drivers

Within Fundstrat, cautious voices are emerging that contradict Tom Lee's public optimism. While Lee encourages buying, arguing that Ethereum is "severely undervalued" trading at the $3,000 level, Fundstrat's internal research reports maintain a more conservative outlook for the market in the first half of 2026, causing controversy among investors.

Despite this short-term volatility, Bitmain and Tom Lee cite Tokenization and Agentic AI as key growth drivers for Ethereum. In particular, Ethereum's status as a settlement network between AI agents and for the on-chain movement of real-world assets is evaluated as a factor that will lead to a strong rebound once external variables such as rising oil prices are resolved.

In conclusion, Bitmain's recent large-scale purchase reflects institutional conviction that views the current market correction as a temporary opportunity. The fact that network usage and ecosystem expansion continue despite the macroeconomic headwind of soaring energy prices is the basis for large holders like Bitmain to stick to the 'buy the dip' strategy.