Bitmine, an Ethereum treasury company linked to Tom Lee, acquired 75,000 ETH worth about $123 million in roughly eight hours through Kraken and FalconX, according to blockchain tracker Lookonchain. Despite the reported purchase, Ethereum drifted toward the $1,600 level as traders reduced risk ahead of the latest U.S. inflation data, suggesting macro concerns outweighed company-specific buying. The report also highlights that large, concentrated corporate purchases can tighten readily tradable supply, increase concentration risk and make liquidity and prices more sensitive to shifts in demand or selling pressure.