Large cryptocurrency investors have continued buying Ethereum over the past three days.
They withdrew nearly 82,000 $ETH, worth more than $154 million, from major exchanges this week.
At the same time, Fundstrat Chairman Tom Lee shared a long-term bullish outlook for Ethereum. He said the cryptocurrency could ‘easily’ rise 100-fold.
Whales Withdraw Nearly 82,000 $ETH From Exchanges
According to blockchain analytics platform Lookonchain, several whale wallets accumulated Ethereum between July 15 and July 17.
On July 17, two newly created wallets withdrew 20,000 $ETH worth about $37.72 million from Coinbase Prime. During the same period, investment firm Abraxas Capital withdrew another 8,452 $ETH worth roughly $16 million from Binance and Bybit.
The activity followed a strong buying day on July 16. Three newly created wallets withdrew 30,000 $ETH worth $57.66 million from Coinbase Prime. Crypto entrepreneur Arthur Hayes also bought 1,293 $ETH, valued at around $2.48 million.
On July 15, Abraxas Capital withdrew another 8,153 $ETH worth $15.3 million from Binance and Bybit. At the same time, the firm deposited 618 BTC worth nearly $40 million into Kraken. The move suggested a possible shift from Bitcoin into Ethereum.
Overall, the disclosed purchases totaled 81,898 $ETH over three days.
Bitmine Expands Its Ethereum Treasury Holdings
Institutional buying has also extended to corporate treasuries. Bitmine, chaired by Tom Lee, purchased another 6,000 $ETH worth approximately $11.18 million from FalconX on July 15.
The purchase adds to Bitmine’s growing Ethereum holdings, now approaching 6 million $ETH. The company is aiming to build one of the largest Ethereum treasury positions while also investing in Ethereum ecosystem projects.
Tom Lee Shares Bullish Ethereum Outlook
In Bitmine’s July Chairman’s Message, titled “Ethereum Is the Cure for the Uncanny Valley of Wealth,” Lee compared Ethereum’s current stage to the early days of the internet.
He argued that many investors still underestimate crypto’s role in an AI-driven economy.
According to Lee, Ethereum could become the settlement layer for future financial systems. He believes crypto infrastructure will play a key role in supporting digital wealth and AI-powered commerce.
Lee referenced projections from Ethereum co-founder Joe Lubin and research from Etherealize that suggest Ethereum could eventually reach $250,000 per $ETH. That would represent a gain of roughly 100 times from current levels.
However, Lee said he was not endorsing that exact price target. Instead, he argued that Ethereum still has “radical upside.”
He compared Ethereum’s potential growth to companies such as Amazon, Nvidia, and JPMorgan during their early expansion phases.
Lee also highlighted the connection between Bitmine’s stock performance and Ethereum’s price. He said the company’s shares have shown a reported 90% correlation with $ETH.
If Ethereum reaches the higher valuations predicted by some long-term bulls, Lee believes Bitmine shareholders could also benefit significantly.
Lee ended by quoting investor Charlie Munger: “The big money is not in the buying and selling, but in the waiting.”
The quote reflects Bitmine’s long-term confidence in Ethereum’s future as the firm has accumulated 5.74 million $ETH tokens over the past year.
