Ethereum OG Whale Rebuilds $19.5M ETH Stack Amid ETF Bleed

Bitmines Tom Lee calls ETH bottom

Separately, Bitmine Immersion Technologies, chaired by Fundstrat founder Tom Lee, which holds around 4.6 million ETH, is also doubling down on its conviction. Lee argued this week that the ETH bottom is in, citing analysis from Tom DeMark.

DeMark‘s work flags Ethereum’s recent price action as showing a 93% correlation with the Standard & Poor‘s (S&P) 500’s recovery after the 1987 crash and 2011 bottom, implying that ETH either bottomed around March 7 or is in the process of bottoming now.

Lee also pointed to ETHs realized price (the onchain average purchase price), currently around $2,241, noting that ETH was trading at a similar discount to that level as at prior major lows in 2022 and 2025.

Over the past decade, he said, ETH has returned roughly 49,000%, far outpacing Bitcoin‘s 11,000% and even Nvidia’s parabolic run, arguing that ETH has been a “great store of value” despite brutal drawdowns.

Lee said Bitmine had accelerated purchases in recent weeks because its base case is that Ether is in the final stages of a “mini-crypto winter.”