BitMine stock drops 4% as Tom Lee signals slowdown in Ethereum buys, raising risk of further decline.

BitMine Immersion Technologies (BMNR) shares fell 4% after chairman Tom Lee indicated the company may slow its Ethereum purchases upon nearing its 5% supply target. Despite trading within an ascending channel, technical indicators like CMF divergence and put-call ratios suggest weakening institutional buying and potential downside risk. The stock faces critical support at $19.84, with a break below likely triggering a nearly 10% drop. Meanwhile, a $4 billion share buyback program may shift capital away from Ethereum accumulation, adding pressure to the stock's outlook.