BitMine, led by Fundstrat's Tom Lee, has purchased over $140 million worth of Ethereum in just two weeks, yet the token's price remains stubbornly below $2,000. The firm's aggressive accumulation, including a record weekly buy of 45,759 ETH valued at $90 million, aims to build a 5% stake in Ethereum, currently holding approximately 3.6% of circulating supply. Despite this significant institutional demand, Ethereum's price has failed to mount a sustained rebound, highlighting the market's overwhelming bearish sentiment.

Lee, who previously predicted capitulation, argues the market is near cyclical lows, citing investor psychology marked by 'forlornness and dejection' and technical analysis suggesting a potential floor near $1,890. However, analysts warn of a critical support level at $1,900, cautioning that a decisive break below it could push prices towards $1,800 or lower. The steady buying by BitMine demonstrates that even large corporate accumulation struggles to overcome the dominant macro selling pressure in the current risk-off environment.