BitMine purchased nearly $83 million worth of ETH this week, despite Ethereum struggling to regain the $2000 level.
The Ethereum currency has remained volatile since October, while selling intensified last month. Tom Lee, head of research at Fundstrat, stated that investors' frustration over the recent weakness of the leading altcoin ignores a long and consistent historical pattern of sharp declines followed by similar rapid recoveries.
In fact, he believes that the bottom is near.
Is Ethereum approaching the bottom?
During his talk at a conference in Hong Kong this week, he stated that Ethereum has seen declines exceeding 50% in eight different downtrends since 2018, including a sharp decline of 64% between January and March of last year. In each of those instances, Ethereum formed a V-shaped bottom, recovering almost at the same pace as its decline. In his view, this record suggests that the current decline does not represent any change in Ethereum's outlook, and he expects another V-shaped bottom to emerge after the recent sell-off.
As I was quoted by Tom DeMark's assessment, a BitMine market analyst, who believes that Ethereum may need to reassess the $1890 level to form a "perfect bottom." He added that based on BitMine's assessment, Ethereum seems very close to this bottom, as he pointed out similarities with previous downturns in late 2018, late 2022, and April 2025.
While he refrained from specifying the exact lowest level, he argued that the magnitude of the decline itself is more important, and investors should think in terms of opportunities rather than dumping their holdings.
