#BitcoinBouncesBack

Tom Lee Reaffirms Crypto Winter Prediction as Bitmine Makes Largest ETH Purchase in 2026

Bitmine Immersion Technologies
B
BMNR
bought 101,627 Ethereum tokens
ETHUSD
last week. This became their biggest weekly purchase in 2026.

This latest acquisition brings the company's total ETH holdings to 4.976 million tokens. Bitmine's combined crypto and cash position also reached US$12.9 billion, according to an announcement on April 20.

Tom Lee's Statement on the End of Crypto Winter Amid Bitmine's Largest ETH Purchase

The purchase was also accompanied by a statement from Chairman Tom Lee, who conveyed that the decline in cryptocurrencies seems to be nearing its end, sooner than many expected.

“Although many believe that the crypto winter will last until fall 2026, our view remains that the crypto winter is actually much closer to ending,” said Tom Lee.

Lee linked his prediction about the end of the crypto winter to market history patterns. He explained that since 2015, previous crypto bear markets typically coincided with at least a 20% decline in equity values.

The crypto market decline in 2025 occurred alongside a roughly 20% drop in the S&P 500. Meanwhile, the equity correction in 2026 was relatively mild, around 8%.

This difference indicates that the current crypto market downturn is not supported by macroeconomic factors usually accompanying prolonged bear markets, so this bear market is expected to be shorter, with a quicker recovery.

On-Chain Signals and ETF Strengthen Simultaneously

On the other hand, on-chain signals and inflows into exchange-traded funds (ETF) also show bullish prospects for Ethereum. Ethereum reserves across all exchange platforms decreased to about 14.6 million ETH this week.

According to CryptoQuant, this level is the lowest since 2016. The decline in Ethereum balances on exchanges reduces the available sell-side liquidity for traders.

Ethereum spot ETFs also recorded their strongest weekly inflow since mid-January. The fund gained US$275.83 million for the week ending April 17.

Adding to this outlook, an analyst highlighted that the number of Accumulating Addresses now surpasses Stable Whales, at 2,434 versus 2,410. This crossover indicates that institutions are actively building positions, not just waiting on the sidelines.

“Whales are not only preparing capital but also actively executing orders and transferring assets to cold storage,” the post explained.

Despite this positive sentiment, ETH price is still trading around US$2,306, about 53% below the all-time high in August 2025.

The sustainability of Bitmine’s momentum and Lee’s analytical framework still depend on continued demand and broader market conditions.