Ethereum Drops 5% After Tom Lee Says Bitmine Will Stop Purchases

Impact of Bitmine's Decision## The end of Bitmine's purchases matters because the company has provided steady demand for Ethereum and supported the price of ETH for much of this year. Bitmine has purchased Ethereum every week since launching its crypto treasury strategy in June 2025. News that Bitmine is serious about ending its Ethereum accumulations has sent the price down 5% over the past 24 hours to $2,565 U.S., its weakest level since Sept. 20 of this year. ## Market Pressure## Ethereum and other crypto are also under pressure as the yield on the benchmark 10-year U.S. Treasury rises eight basis points at 5.35%, its highest level since 2002. The bond market is jittery as the U.S. Treasury prepares to sell $39 billion U.S. of 10-year notes in an auction on Oct. 7, with traders waiting to assess the demand for U.S. government debt. ## Market Reaction## Higher interest rates are negative for risk assets such as Ethereum and other cryptocurrencies. BMNR stock has declined 55% in the last 12 months to trade at $26.20 U.S. per share. ## Analysis## Analysts estimate that Bitmine will reach its 5% target before year's end, removing one of the most aggressive buyers of Ethereum from the market. ## Conclusion## The decision by Bitmine to stop buying Ethereum has significant implications for the cryptocurrency market. With one of the most aggressive buyers of Ethereum leaving the market, the demand for the token is likely to decrease, leading to a potential decline in its price.