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Fundstrat Global Advisors managing partner Tom Lee says Ethereum bottomed at around $4,300, while his ETH treasury firm Bitmine Immersion Technologies snapped up another $21 million of the altcoin leader.
“Calling ETH bottom to happen in next few hours,” Lee said in an X post earlier today just after 8 p.m. EST.
Lee shared a screenshot of a message he received from Fundstrat’s managing director of technical strategy, Mark Newton.
Newton said that ETH presents “a very good risk/reward” at its current levels. He added that he was “highly skeptical” that the largest altcoin by market cap would break out of the bullish trend it has been in recently or that it would fall below last week’s lows.
Mark @MarkNewtonCMT again at it.
➡️Calling ETH bottom to happen in next few hours
Tickers: $BMNR $GRNY pic.twitter.com/038efU7cZH
— Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) August 26, 2025
“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 went on to say.
BitMine Buys ETH At A Discount
While many traders sold during the recent mark dip, BitMine Immersion Technologies took the correction as an opportunity to buy ETH at a discount.
According to on-chain data by Arkham Intelligence, the company has bought another 4,871 ETH for $21.3 million.
BitMine is currently the largest Ethereum treasury company globally, with 1.7 million ETH on its balance sheet valued at over $7.5 billion at current prices, according to data from StrategicETHReserve.
The next biggest corporate ETH holder is SharpLink Gaming, with its reserves of 740.8K ETH worth $3.2 billion.
Both BitMine and SharpLink hold more ETH than the Ethereum Foundation, which only has 231.6K tokens in its reserves.
BitMine’s holdings also represent a 40% share of the total 4.3 million ETH currently held by public companies.
Top 10 largest ETH treasury firms (Source: StrategicETHReserve)
BitMine disclosed yesterday that it increased its crypto and cash holdings by $2.2 billion to $8.8 billion, adding over 190,500 tokens over the past week.
The combined net asset value of the company’s cash and crypto per share has subsequently climbed to $39.84, which is an increase from $22.84 in July.
BitMine Shares Continue To Drop
While BitMine keeps adding to its massive ETH stockpile, the company’s share price has been in a negative trend over the past week.
Data from Yahoo Finance shows BitMine’s price surged more than 584% in the last 6 months. Its share price over 3% in the last 24 hours and 9% in the past week.
It’s up 2% in pre-market trading today.
Crypto Market Hit With Over $800M Liquidations
Lee’s ETH price prediction was made amid a broader crypto market downturn.
In the last 24 hours, the crypto market saw its capitalization slide over 1% to below $3.8 trillion, according to CoinMarketCap.
Market leader Bitcoin (BTC) briefly dipped below $110K, while all other crypto majors were caught in the selloff. ETH itself dropped all the way down to $4,316.30 in the last 24 hours after reaching an intraday high of $4,678.99. The altcoin has since recovered to trade at $4,420.65 as of 4:45 a.m. EST.
Despite rebounding, the Ethereum price is still down more than 3% on the 24-hour time frame. This is a negative pivot from the longer-term bullish trend that saw ETH surge over 4% and more than 17% on the weekly and monthly time frames, respectively.
Ethereum price chart (Source: CoinMarketCap)
During the recent crypto correction, around $812 million got liquidated from the market.
GoinGlass data shows that long positions took the biggest hit, accounting for $700.36 million of the amount that was wiped off the market.
Traders who placed bets that BTC and ETH would rise took the biggest hits. Bullish BTC traders lost $269.94 million, while ETH longs took a $266.8 million knock.
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