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BitMine Immersion Technologies Inc. purchased 22,796 ETH. The transaction occurred at 8:12 PM Eastern Time on December 5th. On‑chain analyst Lookonchain reported the acquisition.
The acquisition cost was $68.67 million. Ethereum treasury company last purchased ETH on December 4th (41,946 ETH for around $130 million).
Ethereum Price Remained Stable During BitMine Dec 5 Purchase
At press time, ETH was trading at $3040, down 4.2% intraday and up roughly 0.8% over the week. The $3150 mark is a key level for short-term price action. ETH needs to decisively stay above this level to establish a base or launch pad.
The Relative Strength Index (RSI) showed stability. It did not shift during the ETH purchase. It also remained unchanged when the news appeared on X. The lack of momentum (on either side) potentially suggested that ETH was consolidating.
If it is consolidating, ETH is potentially winding up for an unprecedented rise. Clearing the all-time high is a high possibility during that rise.
Rose Premium Signals shared a chart analysis on X (@VipRoseTr). This suggests that the Ethereum price could hit $5000 in three to four months. Rose’s analysis was based on a bearish head-and-shoulders pattern on the 1-day chart.
The chart shows that ETH last dipped below the 200-day simple moving average on November 13th, 2025. However, the price trend suggests the top altcoin is heading back towards the moving average line.
BitMine Chairman Tom Lee is hyper-bullish on ETH. He pitched an upside target of $62,000 long term. Lee believes that at the $3000 level, the Ethereum price was ‘grossly’ undervalued.
Meanwhile, another regular market commentator, Ted Pillows, opined that if ETH failed to hold the $3000 mark, it could fall to $2800.
In a November 30th post, Pillows had pointed out that ETH was consolidating at $3000. For that day, the KOL noted that trading activity was subdued because it was a weekend.
December 6th and 7th are also weekends; therefore, it’s likely that ETH will hover just above the $3000 mark.
BlackRock Turns December’s and Week’s Net Flows Negative
BitMine’s serial purchases in December and the Fusaka upgrade were potentially neutralized by ETF outflows, especially yesterday’s.
BlackRock’s iShares Ethereum Trust ETF (Ticker: ETHA) was the only ETH Spot ETF that traded ETH yesterday. SoSoValue data shows ETHA sold ETH worth $75.21 million yesterday, turning the day’s, week’s, and the month’s net flows negative.
Before yesterday, net outflows for December 2025 were positive because of a sharp net inflow on December 3rd ($140.16M). Notably, the December 3rd inflows coincided with the launch of the Fusaka upgrade.
The week ending December 5th saw net outflows of $65.59 million. November was the worst month for US ETH Spot ETFs, with net outflows of $1.42 billion. ETHA drove November’s net outflows with its $1.02 billion outflow. As of yesterday, ETHA posted net outflows for December.
