BitMine Immersion Technologies Inc. (NASDAQ:BMNR) purchased 71,672 Ethereum (CRYPTO: ETH) worth $157 million last week, while Tom Lee identified surging oil prices as culprit for ETH’s weakness below $2,200.

Tom Lee Buys The Dip Below $2,200

Bitmine’s purchase was a sharp increase from the previous week’s 26,000 token haul. The size was notable as Lee recently said the company would slow ETH purchases.

“We view the recent pullback of ETH to below $2,200 as an attractive opportunity,” Lee stated. The latest purchase lifted Bitmine’s holdings to almost 5.28 million ETH, or about 4.37% of Ethereum’s circulating supply.

The firm’s total crypto and cash holdings now stand at $12.6 billion, including 202 Bitcoin (CRYPTO: BTC), $685 million in cash, and equity stakes in Beast Industries and Eightco Holdings.

Oil Prices The Biggest Headwind For ETH

Lee argued that oil has become the main factor pressuring ETH price, noting that ETH’s inverse correlation to oil is the highest ever. 

Rising crude over the past six weeks coincided with falling ETH prices.

“Oil reversing equals ETH prices recovering,” Lee stated in an X post Monday. He framed surging oil prices as the “biggest headwind” for ETH prices.

Bitmine, along with Michael Saylor’s Strategy Inc. (NASDAQ:MSTR), has remained one of the few large digital asset treasury firms still actively accumulating crypto during the market downturn.

BMNR Broke Critical $20 Support Friday

BMNR crashed 9.68% Friday to $19.87 with premarket Monday extending to $19.49. 

Price broke below the critical $20 psychological support that held as a floor throughout the entire February-May base-building phase.

The Supertrend at $19.62 has been breached, and SAR at $23.47 flipped above price. Both indicators simultaneously signal bearish trend resumption for the first time since the base formed.

The ascending channel from February is cracking. Immediate support sits at $19.00–$19.50 channel floor. Resistance holds at $22.86 then $23.47 SAR. Invalidation of the bearish case requires a reclaim above $21.50.

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