Fundstrat’s Tom Lee doubles down on ETH bullishness, as BitMine expands its massive Ether treasury with another $21 million purchase.
Ether (ETH) may have just hit its short-term bottom, according to Fundstrat Global Advisors managing partner Tom Lee, who remains confident about the altcoin’s trajectory even as the broader crypto market faces turbulence.
Lee: Ether Bottom “in Next Few Hours”
Posting on X at 1 am UTC Tuesday, Tom Lee called for Ether to bottom during the latest $200 billion crypto market liquidation event.
“Calling ETH bottom to happen in next few hours,” Lee wrote.
Ether briefly sank to $4,313 on Coinbase before rebounding above $4,430 at press time, suggesting that Lee’s prediction might already be playing out.
Lee shared insights from Mark Newton, Fundstrat’s managing director of technical strategy, who described Ether’s setup as a “very good risk/reward” play.
Newton forecasted ETH could soon reclaim new highs:
- Bottom: Around $4,300
- Target Range: $5,100–$5,450
Market Pullback Hits Bitcoin, Ether Hard
The correction began with Bitcoin (BTC), which slid to a seven-week low of $110,274. Ether followed, dropping over 7% before showing signs of recovery.
The downturn saw ETH lose about 11% from its all-time high, but traders like Lee and Newton argue the dip could be a healthy reset before another rally.
BitMine Scoops Up 4,871 ETH
Meanwhile, BitMine Immersion Technologies continued to aggressively grow its Ether treasury.
According to Arkham Intelligence, BitMine bought 4,871 ETH worth $21.3 million during Tuesday’s dip.
- Total ETH Holdings: 1.72 million ETH
- Market Value: ~$7.5 billion
- Share of Corporate ETH Treasuries: ~40%
On Monday, BitMine disclosed that its crypto and cash holdings surged to $8.8 billion, boosting its net asset value per share to $39.84 — nearly double from late July.
ETH Treasury Arms Race Heats Up
BitMine remains the largest Ether treasury firm, dominating corporate holdings.
However, Michael Saylor’s Strategy — the world’s largest Bitcoin treasury — also joined the dip-buying spree. On Monday, Strategy acquired 3,081 BTC worth $357 million at $115,829 per Bitcoin.
The moves highlight how major treasury firms are leaning into market weakness to accumulate even more crypto reserves.
🔑 Key Takeaway
Despite the latest market turbulence, Tom Lee and BitMine remain highly bullish on Ether. With institutional treasuries continuing to absorb supply, ETH’s pullback may be less of a warning sign — and more of a buying opportunity.
🚀 Pro Tip for ETH Investors