Tom Lee Predicts Ether Bottom as BitMine Buys Big

Tom Lee of Fundstrat says that Ether (ETH) will hit its market bottom in a matter of hours, which is just when BitMine Immersion Technologies made another big purchase. During this week’s market drop, BitMine bought 4,871 ETH worth $21.3 million. This brought its total treasury holdings to 1.72 million ETH, which is worth about $7.5 billion.

Market Changes as Ether Bounces Back

Tom Lee made his bullish call on X, using technical analysis from Fundstrat’s Mark Newton, who says that Ether is a “very good risk/reward” at its current levels. Newton thinks that ETH’s lowest point will be around $4,300, and that it will bounce back to levels above $5,100 and even as high as $5,450. As of this writing, ETH was already starting to bounce back, trading above $4,430 after falling more than 7% because of a wider market correction caused by Bitcoin’s drop to a seven-week low.

BitMine Keeps Its Lead in ETH Treasuries

BitMine is still the largest corporate holder of ETH, with over 40% of the total 4.3 million ETH in treasuries, according to StrategyEthReserve. Its aggressive buying during the market dip shows that people are becoming more sure about Ether’s long-term future. BitMine added $2.2 billion in assets and more than 190,500 tokens in just one week, which caused the company’s crypto and cash net asset value (NAV) per share to skyrocket from $22.84 in July to $39.84.

Other companies in the same field are also busy. Michael Saylor’s Strategy, for instance, bought 3,081 BTC for $357 million during the broader pullback. This shows that institutions are still interested in digital assets even when the market is volatile.

Tom Lee’s timely prediction and BitMine’s aggressive buying show that institutions still have faith in Ether even when the market is unstable. As ETH bounces back and treasuries grow, signs point to possible new highs and continued bullish momentum for the top cryptocurrencies as 2025 goes on.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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