thecoinrise.com
Fundstrat Global Advisors managing partner Tom Lee predicted early Tuesday that Ether had reached its bottom, even as the broader crypto market suffered a sharp sell-off. His call coincided with a fresh $21 million purchase of Ether by BitMine Immersion Technologies, further solidifying its position as the largest Ether treasury holder.
Posting on X earlier today, Lee said, “Calling ETH bottom to happen in the next few hours,” as crypto markets faced a $200 billion liquidation event. At the time, Ether had fallen more than 7%, touching $4,313 before quickly rebounding to trade above $4,430.
Lee Predicts ETH Recovery
Lee’s optimism was echoed by Mark Newton, managing director of technical strategy at Fundstrat. Newton described Ether as offering a “very good risk/reward” setup and expressed doubt that the asset would break below recent support levels. He forecasted a potential rebound toward new highs, expecting ETH to climb above $5,100 and possibly reach the $5,400–$5,450 range in the near term.
The downturn was largely triggered by Bitcoin’s slide to a seven-week low, dragging the wider crypto market into the red. Despite this, analysts such as Lee and Newton view the dip as a strategic accumulation opportunity for Ether.
BitMine Expands Ether Holdings
Amid the volatility, BitMine Immersion Technologies seized the opportunity to buy the dip. Data from Arkham Intelligence shows the firm purchased 4,871 ETH on Tuesday, valued at approximately $21.3 million. This brings BitMine’s total Ether holdings to 1.72 million ETH, worth around $7.5 billion at current market levels.
The firm has been on an aggressive accumulation streak. Just a day earlier, BitMine reported a $2.2 billion increase in its combined crypto and cash holdings, lifting its net asset value per share to $39.84 from $22.84 in late July.
With 221.5 million fully diluted shares outstanding, Bitmine has become the dominant corporate Ether holder.
The buying spree mirrors activity from other major players. On Monday, Michael Saylor’s Strategy purchased 3,081 BTC worth $357 million at an average price of $115,829 per coin, reaffirming its commitment to Bitcoin accumulation despite ongoing market turbulence.
For now, traders will be watching closely to see if Lee’s bottom call for Ether holds, as institutional demand continues to shape the trajectory of digital asset markets.