In the past two weeks, Tom Lee's BMNR has been making moves that are a bit outrageous - continuously buying up ETH, and the pace of purchases is accelerating.

The latest data shows that they have accumulated more than 3.72 million ETH, which accounts for 3% of the total circulating supply. It is worth noting that this holding has already surpassed that of the Ethereum Foundation. At this rate, the target of 5% may not be far off.

More importantly, the buying volume of BMNR can already consume 5%-10% of the market's daily trading volume, equivalent to directly locking a large portion of the circulating supply in a safe.

Tom Lee is also very firm about this operation, and his logic is: the Fusaka upgrade combined with the Federal Reserve's possible interest rate cut in December will result in two favorable outcomes at the same time, and ETH will take off. The target price of $7000 for January 2026 that he previously mentioned seems not just a verbal claim, but he is actually betting real money on it.

For ETH holders, now might be the time to be more patient—3% is already in hand, the next step is to look at 5%, and then we will see if it can really reach 7000.