Following a significant crypto market drop, BitMine has made substantial investments in Ethereum, purchasing $1.5 billion worth of the cryptocurrency. This move significantly boosts their holdings to over 3 million ETH, valued at $11.7 billion. While this accumulation signals continued institutional trust in Ethereum, analysts like Tom Lee warn that the digital asset treasury (DAT) boom may be waning. Tom Lee highlights recent trading data indicating many DATs are now below their NAV. This suggests a market slowdown and calls into question the rapid growth of the past years. However, despite this, Lee remains bullish on Ethereum’s long-term potential, predicting it could overtake Bitcoin. BitMine began building its Ether treasury in early July when prices were around $2,500, and has now reached half of its target to hold 5% of the total supply. Their holdings are considered the largest among publicly traded crypto firms. The company’s transactions remain unofficially confirmed but blockchain data strongly supports the reports. The market downturn and potential DAT slowdown comes after a period of significant growth for cryptocurrencies. Expert analysis suggests that while market confidence is still recovering, the overall trend points towards sustained growth within the sector.