Recent statements by Fundstrat Global Advisors managing partner Tom Lee regarding predictions for Ethereum and actions by BitMine amid market corrections.
Tom Lee's Ethereum Prediction
Fundstrat Global Advisors managing partner Tom Lee stated that Ethereum may have reached a bottom around $4,300. In his X post, he noted that 'ETH bottom could happen in the next few hours.' Lee also shared a message from Fundstrat's managing director of technical strategy, Mark Newton, who stated that ETH presents 'a very good risk/reward' at its current levels and expressed skepticism about breaking out of the bullish trend.
BitMine's Purchases Amid Corrections
Despite the overall downturn, BitMine Immersion Technologies took the opportunity to purchase Ethereum at a discounted price. According to Arkham Intelligence data, the company acquired an additional 4,871 ETH for $21.3 million. The data highlights BitMine as the largest corporate ETH holder globally, with 1.7 million ETH valued over $7.5 billion. Both BitMine and SharpLink Gaming hold more ETH than the Ethereum Foundation.
Current State of Crypto Market
Lee's prediction came amid a broader decline in the crypto market, with total market capitalization sliding more than 1%, falling below $3.8 trillion. Bitcoin briefly dipped below $110K, along with all major cryptocurrencies. Ethereum itself dropped to $4,316.30 but later recovered to around $4,420.65. In the last 24 hours, Ethereum is down more than 3%. Approximately $812 million was liquidated from the market during the recent downturn.
Tom Lee's forecasts and BitMine's actions highlight the current conditions in the crypto market, where active purchases may be seen as a sign of confidence despite negative trends.
