#比特币价格走势 Seeing Bitmine still accumulating 32,977 ETH in the last week of 2025 carries a deep implication.

It reminds me of the 2017 cycle, when many institutions were still on the sidelines, and the true players had already quietly accumulated at the bottom. History always repeats this pattern—when market sentiment fluctuates, forward-looking capital tends to add to their positions. Currently, Bitmine holds 3.43% of the total ETH supply, a significant proportion. More importantly, they claim to be the "world's largest ETH new capital buyer."

Since 2013, I have seen too many cycle stories. Every seemingly ordinary institutional accumulation has later become a footnote in history. From MicroStrategy and Grayscale's Bitcoin holdings at the end of 2020 to the current systematic accumulation of Ethereum by institutions, all point to the same logic—big money is positioning itself in advance for the next phase.

The factors Tom Lee mentioned are also worth pondering: government attitude shifts, Wall Street's embrace of stablecoins and asset tokenization, and the demand for on-chain identity and proof in the AI era. These are not short-term market sentiment signals but signs of structural change. There is still over a year until 2026, but true opportunities are often priced in before certainty emerges.

The correlation between commodity prices and crypto assets is not new, but this pattern has been repeatedly validated in every cycle. Looking back, when traditional assets show inflation expectations, the value of scarce assets is re-recognized.

The current question is not whether ETH is worth watching, but what this systemic institutional-level buying signals mean in terms of cycle dynamics.