Crypto asset management firm Bitmine once again increased its ETH staking by adding 61,232 ETH (about $142 million) on April 22, bringing its total ETH staked to 3,395,869 ETH, with a total market value nearing $7.9 billion. Bitmine Chairman Tom Lee said that Ethereum is in the final stage of its “mini crypto winter,” and multiple signs point to a recovery that is about to arrive.
Weekly buying accelerates: from 71k to breaking 100k
(Source: Arkham)
Bitmine’s ETH purchasing pace has shown clear acceleration over the past four weeks: during the last week of March, it made a large-scale acquisition of 653k ETH; during the first week of April, it bought 71,300 ETH; during the second week of April, it bought 71,900 ETH; and last week it exceeded 101,627 ETH in a single week—not only the highest single-week amount in this cycle, but also the largest single transaction since December 2025, up 41% from the week before.
This acceleration pattern indicates that Bitmine is systematically using relatively low periods in the market to expand its exposure to Ethereum.
Tom Lee: Crypto winter is about to end, and historical patterns support a bullish view
In commenting on this round of accelerated purchases, Tom Lee noted that ETH has risen 41% since its early-February lows, rebounding from $1,740 to a 2026 high of $2,460, and is currently trading at around $2,310. He used historical patterns to support his argument: since 2015, every crypto winter has been accompanied by at least a 20% drop in the stock market; the crypto market decline in 2025 matched a 20% fall in the S&P 500; and the stock market drop in 2026 was only -8%, far below the threshold of past crypto winters.
“Although many people think the crypto winter could continue into the fall of 2026, we still believe the crypto winter is about to end,” Tom Lee said.
ETH technicals: The realized price of $2,300 is the line between bulls and bears
CryptoQuant data supports Tom Lee’s analytical framework. ETH is currently trying to reclaim and hold above its realized price level of around $2,300—this represents the average cost basis of all holders on-chain. Historically, whenever ETH holds its realized price as support, it tends to rebound upward along an upward track; conversely, if it fails to hold the $2,300 support, it may increase the risk of falling toward the lower band at $1,150, where it is currently trading.
FAQ
Why did Bitmine choose to significantly accelerate ETH staking at the current time?
Bitmine’s strategy is to systematically accumulate ETH at relatively low points in the market, similar to MicroStrategy’s logic of stockpiling Bitcoin. Tom Lee’s view is that ETH is in the late stage of crypto winter, so by continuing to accumulate ahead of a broad market rebound, it can capture the maximum returns when the market recovers.
What is ETH’s “realized price,” and why is $2,300 so critical?
“Realized price” refers to the average cost basis of all ETH holders, calculated based on on-chain data. When the market price is higher than this level, most holders are in a profitable position. $2,300 is the current realized price level; holding this level is usually a prerequisite for a continued rebound trend, while losing it could trigger larger-scale profit-taking and selling pressure.
What historical evidence does Tom Lee cite in his view that crypto winter is ending?
Tom Lee pointed out that every crypto winter since 2015 has been accompanied by at least a 20% drop in the stock market. The crypto market decline in 2025 matched the S&P 500’s 20% fall, which aligns with historical patterns; while the 2026 stock market drop was only -8%, far below the historical threshold. Therefore, Tom Lee believes the downside pressure on this crypto market has clearly weakened.
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