cointelegraph.com
Fundstrat Global Advisors managing partner Tom Lee has tipped Ether to bottom out on Tuesday amid a crypto market dip as his $ETH treasury firm Bitmine bought another $21 million of Ether.
“Calling $ETH bottom to happen in next few hours,” said Tom Lee on X on Tuesday at 1 am UTC as crypto markets saw red in the $200 billion market cap liquidation event.
There’s the chance Lee’s so-called bottom is already in, as Ether ($ETH) had already started to recover at the time of writing, returning to trade above $4,430 again.
Lee made his prediction as he shared a message from Mark Newton, the managing director of technical strategy at Fundstrat Global Advisors, who said, “$ETH is a very good risk/reward here,” adding that he was “highly skeptical” that it breaks the trend or breaks last week’s low.
“Ideally, this should bottom out sometime in the next 12 hours near $4,300 and start to push back up to new highs and get above $5,100 and up to near $5,400 to $5,450,” Newton said.
Ether is down 11% from all-time high
Lee’s call comes amid a crypto market crash initiated by Bitcoin ($BTC), which plummeted to a seven-week low on Tuesday morning.
Ether also suffered, tanking more than 7% to bottom out at $4,313 on Coinbase, according to TradingView.
Related: After $400M splurge, $ETH treasurer eyes stock buyback amid leverage concerns
BitMine $ETH holdings reach $7.5 billion
Meanwhile, BitMine Immersion Technologies has continued its aggressive accumulation of Ether, buying the dip on Tuesday with the purchase of 4,871 $ETH worth $21.3 million, according to Arkham Intelligence.
This brings its total holdings to 1.72 million $ETH, worth around $7.5 billion at current market prices.
On Monday, BitMine disclosed it had increased its crypto and cash holdings by $2.2 billion to $8.8 billion, adding over 190,500 tokens over the past week.
Its crypto plus cash net asset value per share climbed to $39.84, up from $22.84 in late July.
Crypto NAV is calculated as the crypto and cash asset value divided by fully diluted shares outstanding, of which the firm has 221.5 million.
$ETH treasuries continue to grow
BitMine is the clear market leader for Ether treasuries with a 40% share of the total 4.3 million $ETH held by corporate entities, according to StrategyEthReserve.
Meanwhile, the world’s largest crypto treasury firm, Michael Saylor’s Strategy, bought the dip again on Monday, scooping up 3,081 $BTC for $357 million at $115,829 per Bitcoin.
Magazine: $ETH ‘god candle,’ $6K next? Coinbase tightens security: Hodler’s Digest