Fundstrat Global Advisors managing partner Tom Lee predicted on Tuesday that Ether would soon find its bottom amid the latest crypto market downturn, as his ETH treasury firm Bitmine scooped up another $21 million worth of the token.
“Calling ETH bottom to happen in next few hours,” Lee posted on X at 1 a.m. UTC, as markets reeled from a $200 billion wipeout.
At press time, Ethereum was already showing signs of recovery, climbing back above $4,430—suggesting the bottom may have already passed.
Lee’s call came as he shared insights from Mark Newton, Fundstrat’s managing director of technical strategy, who argued that ETH presented a “very good risk/reward” setup. Newton noted he was “highly skeptical” of Ether breaking below its current trend or last week’s low.
“Ideally, this should bottom out sometime in the next 12 hours near $4,300,” Newton said, projecting a rebound that could carry ETH to new highs above $5,100, with potential upside toward $5,400–$5,450.
Ether is down 11% from all-time high
Lee’s prediction comes in the middle of a broader crypto sell-off, sparked by Bitcoin’s drop to a seven-week low on Tuesday morning.
Ethereum wasn’t spared, sliding over 7% to hit a low of $4,313 on Coinbase, per TradingView data.
BitMine’s Ethereum holdings climb to $7.5 billion
Meanwhile, BitMine Immersion Technologies kept up its aggressive Ether accumulation on Tuesday, seizing the dip with a 4,871 ETH purchase valued at $21.3 million, according to Arkham Intelligence.
The buy pushed its total stash to 1.72 million ETH—worth roughly $7.5 billion at current market prices.
On Monday, BitMine reported boosting its combined crypto and cash reserves by $2.2 billion to a total of $8.8 billion, after adding more than 190,500 tokens over the past week.
The company’s crypto-and-cash net asset value (NAV) per share rose to $39.84, up from $22.84 in late July.
BitMine calculates its crypto NAV by dividing the value of its crypto and cash holdings by its fully diluted shares outstanding, which currently stand at 221.5 million.
Ethereum treasuries see continued growth
BitMine remains the dominant player in Ether treasuries, controlling 40% of the 4.3 million ETH held by corporations, according to StrategyEthReserve.
At the same time, the world’s largest crypto treasury firm, Michael Saylor’s Strategy, continued its Bitcoin accumulation on Monday, purchasing 3,081 BTC for $357 million at an average price of $115,829 per coin.
