Tom Lee’s Bear Market Warning Collides With BitMine’s ETH Buying Spree

TLDR:

• Tom Lee warned of a possible bear market while BitMine continued buying Ethereum during the decline
• BitMine recently acquired another 60,000 ETH through wallets linked to Kraken and BitGo
• Ethereum traded near $2,093 while remaining roughly 57% below its reported 2025 peak
• BitMine’s Ethereum treasury now exceeds 5.2 million ETH, equal to 4.37% of supply

Tom Lee’s latest bear market warning has reignited debate across the crypto market. The comments surfaced as BitMine continued expanding its Ethereum treasury despite prolonged ETH weakness.

Blockchain tracking data showed the firm recently acquired another 60,000 ETH through wallets linked to Kraken and BitGo. The move arrived while Ethereum traded more than 50% below its reported 2025 peak.

Tom Lee Bear Market Warning Puts Ethereum Strategy in Focus

Crypto Tony shared Lee’s warning on X, drawing immediate attention from traders monitoring broader market conditions. The discussion intensified because BitMine has remained aggressive with Ethereum accumulation.

BitMine launched its Ethereum treasury strategy in July 2025 following a $250 million private placement. The company later disclosed holdings of 163,142 ETH valued near $500 million at the time.

Since then, the firm has steadily expanded its position during periods of market weakness. Recent blockchain activity tracked by Lookonchain pointed to another 60,000 ETH purchase worth roughly $126 million.

The transactions reportedly moved through newly created wallets connected to Kraken and BitGo infrastructure. Blockchain investigator EmberCN also linked the transfers to BitMine’s treasury activity.

The latest acquisition pushed BitMine’s reported Ethereum holdings above 5.2 million ETH. That figure represents about 4.37% of Ethereum’s circulating supply.

Lee has continued defending the treasury strategy during the decline. According to the report, he viewed Ethereum prices below $2,200 as an attractive accumulation zone.

BitMine ETH Treasury Expands Despite Ethereum Market Weakness

Ethereum traded near $2,093 during the latest market session according to TradingView data. The asset remained roughly 57% below its reported 2025 high.

BitMine previously indicated it would slow future Ethereum purchases during May. However, the company did not signal an end to the treasury plan.

The firm still aims to control 5% of Ethereum’s total supply before December. That target has kept attention fixed on BitMine’s accumulation pace.

Meanwhile, traders continue monitoring Ethereum’s technical structure. Market watchers highlighted a rising wedge formation during the recent recovery attempt.

Some technical setups referenced in the report pointed toward possible downside near $1,600 if support levels fail. A move lower could increase unrealized losses tied to BitMine’s holdings.

Based on reported treasury data, estimated paper losses could approach $10.1 billion depending on Ethereum market prices. The calculation used an average acquisition cost near $3,513 across 5.28 million ETH.

At the same time, rebound scenarios remain active across trading discussions. Analysts tracking the wedge formation identified $2,530 near the 200-day moving average as a resistance level if buyers regain momentum.

The post Tom Lee’s Bear Market Warning Collides With BitMine’s ETH Buying Spree appeared first on Blockonomi.