Ethereum’s sharp drop this week has drawn a bold prediction from Fundstrat’s Tom Lee.
The veteran analyst declared that Ethereum was about to hit its local bottom just as his ETH-focused treasury firm BitMine revealed another large purchase.
Bottom Call Amid Market Shakeout
Posting on X during the early hours of Tuesday, Lee suggested Ether was likely to stabilize within hours after a steep sell-off dragged the crypto market down by $200 billion in liquidations. At the same time, Fundstrat’s head of technical strategy, Mark Newton, argued ETH’s current levels offered “a very good risk/reward,” expecting prices to rebound toward the $5,100–$5,450 range if the $4,300 support holds.
ETH briefly dipped to $4,313 on Coinbase before bouncing back above $4,430, suggesting the low may already have been set.
BitMine Expands Treasury Holdings
Lee’s bullish stance coincided with BitMine Immersion Technologies’ latest acquisition. Data from Arkham Intelligence showed the firm purchased 4,871 ETH worth $21.3 million on Tuesday, lifting its total stash to 1.72 million ETH valued around $7.5 billion.
The company has aggressively built its treasury in recent weeks, adding more than 190,000 ETH while also boosting its combined crypto and cash reserves to $8.8 billion. Its net asset value per share has climbed to nearly $40, up from $22.84 just a month ago.
ETH Treasuries on the Rise
BitMine now controls about 40% of the 4.3 million ETH held by corporate treasuries, cementing its position as the leading institutional holder of Ether. Meanwhile, Bitcoin-focused giant Strategy (MicroStrategy) also continued its buying spree, announcing the purchase of 3,081 BTC for $357 million.
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Source: https://coindoo.com/bitmine-boosts-eth-holdings-to-7-5b-amid-market-dip/