Ethereum may have achieved a market bottom, according to Wall Street veteran Tom Lee. After Ethereum-focused treasury business, BitMine added $112 million in ETH to its holdings. With the significant acquisition, which came from the institutional trading desk FalconX.
BitMine now owns 3.86 million ETH, or 3.2% of the entire amount of Ethereum in circulation.
The action advances BitMine’s long-term plan to rank among the biggest institutional Ethereum holdings. Tom Lee thinks the market has already reached its bottom, despite recent price decline and ETH approaching the $2,870 support level.
He told CNBC that the current state of affairs is similar to earlier periods of uncertainty observed in prior significant bull cycles.
Lee believes that Ethereum will flourish in a manner akin to the remarkable ascent of Bitcoin. He noted that Bitcoin saw multiple 75% declines before to yielding 100x gains, and he thinks Ethereum is about to enter a similar “supercycle”.
Due to growing institutional use and quick advancements in blockchain tokenisation, his price target is still $7,000 by early 2026.
Lee claims that Ethereum is the most dependable smart contract platform for integrating real-world assets, such as stocks, bonds, and real estate, into blockchain networks.
Interest in Ethereum is still rising as big financial firms like BlackRock publicly endorse tokenisation.
This goal is in line with BitMine’s accumulation strategy. Despite its average cost, the company is already 62% of the way towards its objective of controlling 5% of the whole ETH supply.
BitMine’s bold decision and Tom Lee’s strong faith have rekindled optimism that Ethereum’s comeback may already be underway, while the majority of digital asset businesses have reduced their buying activities in recent months.
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