Is Crypto Winter Over? Tom Lee Makes Bullish Prediction Amid $120M Ethereum Buy

Is Crypto Winter Over? Tom Lee Makes Bullish Prediction Amid $120M Ethereum Buy

Key Takeaways

Bitmine Chairman Tom Lee said the crypto market could also be nearing the end of a “mini crypto winter,” even as investor sentiment round Ethereum stays weak.

His comments got here as Bitmine disclosed it had bought another $120 million in Ethereum, rising its already sizable holdings as the value surged barely over the past week.

Lee Says ‘Mini Crypto Winter’ Nearing End

In a March 9 press release, Lee said Ethereum’s current value habits suggests the market might be approaching a turning point after months of volatility and macroeconomic strain.

“Ethereum prices showed resilience this week, in the face of rising war concerns and surging oil prices,” Lee said.

Adding: “We continue to believe that crypto prices are in the late/final stages of the ‘mini-crypto winter.’”

Lee cited analysis from Bitmine advisor Tom DeMark of DeMark Analytics, who said Ethereum’s value sample in 2026 is carefully monitoring historic actions of the S&P 500 during the fall of 2011 and the market crash of 1987.

According to Lee, the correlations with those historic trajectories stand at 89% and 93%, respectively.

If the comparability holds, he said Ethereum might backside between March 8 and March 14, barely below the current low of about $1,740.

Bitmine Steps Up Ethereum Purchases

Despite the unsure surroundings, Bitmine has continued accumulating Ethereum, with Lee saying the company has elevated the tempo 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 purchased 60,976 ETH, in contrast with roughly 45,000 to 50,000 ETH per week in current purchases.

The company now holds roughly $9.21 billion value of ETH, representing more than 3.75% of the token’s whole provide.

Of that quantity, about $6.18 billion is staked, equal to more than 2.5% of Ethereum’s whole provide.

Ethereum Sentiment Remains Weak

While Lee is rising publicity to Ethereum, some analysts say on-chain data suggests market sentiment stays fragile.

CCN analyst Abiodun Oladokun said indicators monitoring investor habits point to weakening demand, significantly among U.S. merchants.

“On-chain data paint a consistently bearish picture for ETH,” Oladokun said.

According to CryptoQuant, Ethereum’s Coinbase Premium Index — which measures the value distinction between Coinbase and Binance — has trended downward since March 4 and at present sits below zero at about -0.0087.

The metric is widely used as a gauge of U.S. investor demand.

When the index is optimistic, Ethereum trades at a premium on Coinbase, signaling stronger shopping for strain from U.S. traders. A damaging studying signifies the reverse.

Oladokun said the current damaging level suggests profit-taking or waning curiosity among U.S. patrons.

“The decline in American demand, amid heightened macro uncertainty, removes key buying pressure from the market, leaving the altcoin more exposed to further downside,” he said.

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Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and rising technology. He started his profession masking local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he minimize his enamel on every part from council conferences to lacking swans.

He rapidly rose by way of the ranks to change into a frontline journalist at a number of of the UK’s main national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured a number of front-page exclusives.

Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI growth. With a pure curiosity and a educated eye for rising developments, he has discovered a new rhythm in reporting on innovation.

At CCN, Kurt’s work focuses on the chopping fringe of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep curiosity in disruptive tech, Kurt delivers tales that are insightful, entertaining, and human-centric.

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