Fundstrat’s Tom Lee has called the bottom for Ethereum, as BitMine Immersion Technologies scooped up another $21 million worth of ETH during the market dip, raising its total holdings to 1.72 million ETH.
Tom Lee Calls ETH Bottom During Market Crash
Tom Lee, managing partner at Fundstrat Global Advisors, predicted on X that Ethereum (ETH) would hit its bottom within hours after the crypto market faced a sharp $200 billion liquidation. His post came at 1 am UTC on Tuesday, as ETH briefly dropped before bouncing back above $4,430.
Lee shared insights from Mark Newton, Fundstrat’s head of technical strategy, who noted that Ethereum was showing strong risk/reward potential. Newton suggested ETH could bottom around $4,300 before rallying toward new highs between $5,100 and $5,450.
Ethereum Price Drop Amid Bitcoin’s Decline
The prediction came as Bitcoin (BTC) dragged the market lower, falling to a seven-week low of $110,086. Ethereum followed, dropping more than 7% to a low of $4,313 on Coinbase, according to TradingView. Despite the decline, ETH remains just 11% below its all-time high.
BitMine Expands Its Massive Ethereum Treasury
While the market dipped, BitMine Immersion Technologies continued its aggressive buying strategy, acquiring 4,871 ETH worth $21.3 million, according to Arkham Intelligence. This brought BitMine’s total Ethereum holdings to 1.72 million ETH, valued at around $7.5 billion.
Just a day earlier, BitMine disclosed that its combined crypto and cash holdings had surged by $2.2 billion to $8.8 billion. Over the past week, the firm added more than 190,500 tokens. Its net asset value per share also climbed to $39.84, up significantly from $22.84 in late July, based on 221.5 million fully diluted shares.
Ethereum Treasuries Continue to Grow
BitMine now dominates the ETH treasury landscape, controlling 40% of the 4.3 million ETH held by corporate entities, according to StrategyEthReserve data. This positions the firm as the clear leader in Ethereum accumulation.
Meanwhile, Bitcoin treasury giant MicroStrategy, led by Michael Saylor, also bought the dip. The firm added 3,081 BTC for $357 million at an average price of $115,829 per Bitcoin, underscoring ongoing institutional confidence in crypto assets.
Ethereum Outlook
With Ethereum’s price rebounding quickly and institutions like BitMine continuing to buy the dip, analysts suggest ETH could be poised for another rally. If Newton’s forecast holds, Ethereum may soon test fresh highs above $5,000, reinforcing its role as the second-largest cryptocurrency in a volatile but resilient market.
