Key Takeaways
Bitmine Chairman Tom Lee said the crypto market may be nearing the end of a “mini crypto winter,” even as investor sentiment around Ethereum remains weak.
His comments came as Bitmine disclosed it had purchased another $120 million in Ethereum, increasing its already sizable holdings as the price surged slightly over the past week.
In a March 9 press release, Lee said Ethereum’s recent price behavior suggests the market could be approaching a turning point after months of volatility and macroeconomic pressure.
“Ethereum prices showed resilience this week, in the face of rising war concerns and surging oil prices,” Lee said.
Lee cited analysis from Bitmine advisor Tom DeMark of DeMark Analytics, who said Ethereum’s price pattern in 2026 is closely tracking historical movements of the S&P 500 during the fall of 2011 and the market crash of 1987.
According to Lee, the correlations with those historical trajectories stand at 89% and 93%, respectively.
If the comparison holds, he said Ethereum could bottom between March 8 and March 14, slightly below the recent low of about $1,740.
Despite the uncertain environment, Bitmine has continued accumulating Ethereum, with Lee saying the company has increased the pace of its purchases.
“As the adage goes, nobody ‘rings the bell at the bottom,’ and therefore Bitmine’s strategy is to now slightly increase its pace of ETH accumulation,” Lee said.
Over the past week, the company bought 60,976 ETH, compared with roughly 45,000 to 50,000 ETH per week in recent purchases.
The company now holds roughly $9.21 billion worth of ETH, representing more than 3.75% of the token’s total supply.
Of that amount, about $6.18 billion is staked, equivalent to more than 2.5% of Ethereum’s total supply.
While Lee is increasing exposure to Ethereum, some analysts say on-chain data suggests market sentiment remains fragile.
CCN analyst Abiodun Oladokun said indicators tracking investor behavior point to weakening demand, particularly among U.S. traders.
“On-chain data paint a consistently bearish picture for ETH,” Oladokun said.
According to CryptoQuant, Ethereum’s Coinbase Premium Index — which measures the price difference between Coinbase and Binance — has trended downward since March 4 and currently sits below zero at about -0.0087.
