Tom Lee Claims 'Mini Crypto Winter Almost Over' as Bitmine Buys $120M Ethereum Amid Rising Price

Key Takeaways

• Tom Lee says crypto whitethorn beryllium exiting a “mini crypto winter.”

• Bitmine accrued its Ethereum accumulation.
  On-chain information inactive signals anemic sentiment.

Bitmine Chairman Tom Lee said the crypto marketplace whitethorn beryllium nearing the extremity of a “mini crypto winter,” adjacent arsenic capitalist sentiment astir Ethereum remains weak.

His comments came arsenic Bitmine disclosed it had purchased different $120 cardinal successful Ethereum, expanding its already sizable holdings arsenic the terms surged somewhat implicit the past week.

In a March 9 property release, Lee said Ethereum’s caller terms behaviour suggests the marketplace could beryllium approaching a turning constituent aft months of volatility and macroeconomic pressure.

“Ethereum prices showed resilience this week, successful the look of rising warfare concerns and surging lipid prices,” Lee said.

Lee cited investigation from Bitmine advisor Tom DeMark of DeMark Analytics, who said Ethereum’s terms signifier successful 2026 is intimately tracking humanities movements of the S&P 500 during the autumn of 2011 and the marketplace clang of 1987.

According to Lee, the correlations with those humanities trajectories basal astatine 89% and 93%, respectively.

If the examination holds, helium said Ethereum could bottommost betwixt March 8 and March 14, somewhat beneath the caller debased of astir $1,740.

Despite the uncertain environment, Bitmine has continued accumulating Ethereum, with Lee saying the institution has accrued the gait of its purchases.

“As the adage goes, cipher ‘rings the doorbell astatine the bottom,’ and truthful Bitmine’s strategy is to present somewhat summation its gait of ETH accumulation,” Lee said.

Over the past week, the institution bought 60,976 ETH, compared with astir 45,000 to 50,000 ETH per week successful caller purchases.

The institution present holds astir $9.21 cardinal worthy of ETH, representing much than 3.75% of the token’s full supply.

Of that amount, astir $6.18 cardinal is staked, equivalent to much than 2.5% of Ethereum’s full supply.

While Lee is expanding vulnerability to Ethereum, immoderate analysts accidental on-chain information suggests marketplace sentiment remains fragile.

CCN expert Abiodun Oladokun said indicators tracking capitalist behaviour constituent to weakening demand, peculiarly among U.S. traders.

“On-chain information overgarment a consistently bearish representation for ETH,” Oladokun said.

According to CryptoQuant, Ethereum’s Coinbase Premium Index — which measures the terms quality betwixt Coinbase and Binance — has trended downward since March 4 and presently sits beneath zero astatine astir -0.0087.