Ethereum prices experienced a sharp decline of 2% over the past 24 hours, reaching $2,805 at press time. This dip coincides with a significant increase in trading volume, surging to $27.18 billion, marking a 20% rise in daily activity. Amid this price drop, Tom Lee’s BitMine, one of the largest Ethereum treasury firms, bought back a substantial $70 million worth of ETH during this downturn. This move boosts BitMine’s holdings, now exceeding 3% of the entire Ethereum supply and aiming to expand that influence to 5%. The article details how this recent buy by BitMine furthered a bullish outlook on Ethereum despite the price volatility. Further analysis of Ethereum’s on-chain data reveals ongoing robust network activity. Notably, over 130 million transactions were processed in Q3 alone, signifying a significant year-on-year growth fueled by Layer 2 networks settling back to Ethereum. Ethereum staking, with around 35 million ETH locked for validator contracts, remains a key driver of this bullish sentiment, accounting for roughly 30% of the supply and effectively removing it from daily trading. Conversely, exchange and derivatives data paints a more cautious picture, as evidenced by both sharp inflows and outflows in Ethereum ETFs over recent months. These fluctuations weigh on price momentum. The article dives deeper into the contrasting views on Ethereum’s future, considering both the potential for price recovery and the possibility of continued decline.