Tom Lee’s bear market warning conflicts with BitMine’s ETH buying.
TLDR
Tom Lee warns of a bear market, while BitMine continues to buy Ethereum during the fall.
BitMine recently acquired another 60,000 ETH through wallets linked to Kraken and BitGo
Ethereum is trading at $2,093, 57% below its 2025 peak.
The BitMine Ethereum treasury now exceeds 5.2 million ETH, which is equal to 4.37% of the supply.
Tom Lee's latest bear market warning continues the debate around the crypto market. The comments emerged as BitMine continued to expand its Ethereum treasury despite prolonged ETH weakness.
The blockchain tracking data firm recently found another 60,000 ETH in wallets linked to Kraken and BitGo. The move came as Ethereum was trading more than 50% below its 2025 peak.
Tom Lee's Bear Market Warning Puts Ethereum Strategy In Focus
Crypto Tony shared Lee's warning on X, drawing immediate attention from traders tracking broader market conditions. The discussion escalated as BitMine remained aggressive with Ethereum stock.
BitMine has launched its Ethereum treasury strategy in July 2025 following a $250 million private placement. The company later disclosed its holdings of 163,142 ETH, worth around $500 million at the time.
Since then, the company has steadily expanded its position during market weakness. Recent blockchain activity tracked by Loonchain has indicated another purchase of 60,000 ETH for around $126 million.
The transactions are said to be routed through newly created wallets connected to Kraken and Bitgo infrastructure. Blockchain researcher EmberCN also linked the transfers to BitMine's treasury activity.
The latest BitMine report pushed Ethereum holdings to over 5.2 million ETH. That figure represents 4.37% of Ethereum's circulating supply.
Lee continued to maintain the Treasury's strategy during the downturn. According to the report, he saw Ethereum prices below $2,200 as an attractive storage zone.
BitMine ETH Treasury Expands Despite Weak Ethereum Market
Ethereum was trading around $2,093 during the last market session, according to TradingView data. In the year It remains 57 percent below its peak in 2025.
BitMine has previously indicated that it will reduce Ethereum futures purchases in May. However, the company did is not A sign of the end of the treasury scheme.
The firm still aims to control 5% of Ethereum's total supply before December. That target focused on BitMine's accumulation rate.
Meanwhile, traders continue to monitor Ethereum's technical structure. Market watchers highlighted a rising wedge formation during a recent recovery attempt.
Some of the technical setups mentioned in the report point to a possible fall near $1,600 if support levels fail. Downgrades may increase unrealized losses associated with BitMine holdings.
Based on the reported Treasury data, the estimated paper losses can reach 10.1 billion dollars according to Ethereum market values. The calculation used an average purchase cost of around $3,513 in 5.28 million ETH.
At the same time, returned conditions remain active in business discussions. Analysts tracking the wedge formation have identified $2,530 near the 200-day moving average as a level of resistance if buyers return to their strength.
