BitMine Immersion Technologies Inc. (NASDAQ:BMNR) made headlines by purchasing 71,672 Ethereum (ETH), valued at approximately $157 million. This acquisition significantly boosts the company's total ETH holdings to nearly 5.28 million, representing about 4.37% of Ethereum's circulating supply. Tom Lee, a prominent figure in the crypto space, noted that surging oil prices have been a major factor contributing to ETH's recent decline below $2,200. He emphasized that the inverse correlation between oil prices and ETH is at an all-time high, suggesting that a reversal in oil prices could lead to a recovery in ETH values. Despite the downturn in the crypto market, BitMine remains committed to accumulating digital assets, joining the ranks of other firms like Michael Saylor's Strategy Inc. However, BitMine's stock has faced challenges, dropping 9.68% to $19.87 on Friday, breaching the critical psychological support level of $20. The current trading indicators suggest a bearish trend, with immediate support found between $19.00 and $19.50.