Tom Lee Predicts Ether Bottom 'Within Hours' as BitMine Adds 4,871 ETH
Fundstrat managing partner Tom Lee said Ether's price was likely to hit a bottom within hours during a sharp market pullback, a call he made on X at around 01:00 UTC. At the time Lee posted, ether had already begun to regain ground and was trading back above roughly $4,430.
Lee highlighted a technical assessment from Fundstrat’s Mark Newton, who described the current risk/reward for ETH as favorable and expressed doubt that the token would break its short-term downtrend. Newton projected that a local low could form near about $4,300 within roughly the next 12 hours, followed by a recovery that could push prices back above $5,100 and toward highs in the mid-$5,000s.
The move came amid broad weakness across crypto markets triggered by a sell-off in Bitcoin, which dropped to a multi-week low. Ether fell more than 7% during the rout and hit a low of about $4,313 on Coinbase, according to market data, putting ETH roughly 11% below its all-time high at that time.
Meanwhile, BitMine Immersion Technologies continued buying the dip, acquiring 4,871 ETH for about $21.3 million, according to on-chain intelligence providers. That purchase increased BitMine’s reported holdings to approximately 1.72 million ETH, a position valued at around $7.5 billion at prevailing prices.
BitMine recently disclosed a substantial increase in its crypto and cash holdings, reporting a rise of roughly $2.2 billion to an $8.8 billion total and adding over 190,000 tokens in the prior week. Its crypto-plus-cash net asset value per share climbed from the low $20s in late July to about $39.84, based on the firm’s fully diluted share count.
Corporate ETH treasuries remain concentrated: BitMine held an estimated 40% share of the roughly 4.3 million ETH reported as being held by corporate entities. Other large treasury buyers were also active — for example, Michael Saylor’s firm again bought BTC during the same period, adding thousands of bitcoin to its holdings.
In summary, Fundstrat’s Tom Lee and his team signaled confidence that ether’s recent pullback could be short-lived, while large corporate treasuries like BitMine continued to accumulate on dips, reinforcing on-chain demand amid volatile price action.
