Fundstrat Global Advisors managing partner Tom Lee tipped Ether (ETH) to bottom out on Tuesday amid a crypto market dip as his ETH treasury firm BitMine bought another $21 million of Ether.
“Calling ETH bottom to happen in next few hours,” said Tom Lee on X on Tuesday at 1 am UTC as crypto markets saw red in the $200 billion market cap liquidation event.
There’s a chance Lee’s so-called bottom is already in, as Ether had already started to recover at the time of writing, returning to trade above $4,430 again.
Lee made his prediction as he shared a message from Mark Newton, the managing director of technical strategy at Fundstrat Global Advisors, who said, “ETH is a very good risk/reward here,” adding that he was “highly skeptical” that it breaks the trend or breaks last week’s low.
“Ideally, this should bottom out sometime in the next 12 hours near $4,300 and start to push back up to new highs and get above $5,100 and up to near $5,400 to $5,450,” Newton said.
Ether is down 11% from all-time high
Lee’s call came amid a crypto market crash initiated by Bitcoin (BTC), which plummeted to a seven-week low on Tuesday morning.
Ether also suffered, tanking more than 7% to bottom out at $4,313 on Coinbase, according to TradingView.
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BitMine ETH holdings reach $7.5 billion
Meanwhile, BitMine Immersion Technologies continued its aggressive accumulation of Ether, buying the dip on Tuesday with the purchase of 4,871 ETH worth $21.3 million, according to Arkham Intelligence.
This brought its total holdings to 1.72 million ETH, worth around $7.5 billion at current market prices.
On Monday, BitMine disclosed it had increased its crypto and cash holdings by $2.2 billion to $8.8 billion, adding over 190,500 tokens over the past week.
Its crypto plus cash net asset value per share climbed to $39.84, up from $22.84 in late July.
Crypto NAV is calculated as the crypto and cash asset value divided by fully diluted shares outstanding, of which the firm has 221.5 million.
ETH treasuries continue to grow
BitMine is the clear market leader for Ether treasuries with a 40% share of the total 4.3 million ETH held by corporate entities, according to StrategyEthReserve.
Meanwhile, the world’s largest crypto treasury firm, Michael Saylor’s Strategy, bought the dip again on Monday, scooping up 3,081 BTC for $357 million at $115,829 per Bitcoin.
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