BitMine purchased roughly $83 million in ETH this week, at the same time as Ethereum struggles to reclaim $2,000-mark.
Ethereum has remained risky since October, whereas the sell-off intensified over the past month. Fundstrat head of analysis Tom Lee mentioned investor frustration across the main altcoin’s current weak spot overlooks an extended and constant historic sample of sharp declines adopted by equally fast recoveries.
Actually, he believes that the underside is close to.
Ethereum Close to the Backside?
Whereas speaking at a convention in Hong Kong this week, Lee mentioned that since 2018, Ethereum has skilled drops of greater than 50% on eight completely different drawdowns, together with a steep 64% fall between January and March final yr. In each a kind of situations, ETH fashioned a “V-shaped backside,” recovering absolutely and doing so at roughly the identical tempo as its decline. From his perspective, this monitor report signifies that the present drawdown doesn’t characterize any change in Ethereum’s outlook, and he expects one other V-shaped backside to emerge following the most recent sell-off.
Lee additionally cited BitMine market analyst Tom DeMark’s evaluation, who believes Ethereum could have to revisit the $1,890 stage to type a “perfected backside.” Lee added that, based mostly on BitMine’s evaluation, ETH seems to be very near such a backside, as he drew parallels to earlier downturns in late 2018, late 2022, and April 2025.
Whereas Lee avoided pinpointing the precise low, he argued that the magnitude of the decline itself is extra necessary, and that buyers needs to be considering when it comes to alternative quite than offloading their stash.
“If in case you have already seen a decline, you have to be eager about alternatives right here as an alternative of promoting.”
BitMine Is Shopping for
His feedback got here as Ether costs fell to $1,760 on February 6, because it approached the 2025 low of virtually $1,400. Thus far, ETH has continued to wrestle to reclaim the $2,000 stage after a greater than 36% drop over the previous 30 days. As weak spot out there continues, BitMine, the ETH-focused treasury agency chaired by Lee, purchased roughly $83 million price of ETH this week.
It executed two giant buys of 20,000 ETH every through institutional platforms BitGo and FalconX, at the same time as its current holdings remained considerably underwater.
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In the meantime, the drawdown has already led to large-scale portfolio changes. As an example, Pattern Analysis, a buying and selling agency led by Liquid Capital founder Jack Yi, absolutely exited its Ethereum positions and closed what was as soon as Asia’s largest ETH lengthy. The agency had constructed roughly $2.1 billion in leveraged ETH publicity however in the end realized losses of about $869 million after unwinding its positions regardless of Yi reiterating a bullish long-term outlook simply days earlier.
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