Tom Lee warns: MicroStrategy selling Bitcoin, ETF suffering heavy losses are "classic bottom signals"! Bitmine is increasing its position by 110k ETH against the trend

MicroStrategy sells off, ETFs suffer 11 consecutive days of bleeding, Bitcoin faith shaken? Wall Street legend and Bitmine Chairman Tom Lee quickly reassures the market in an exclusive CoinDesk interview, stating that these alarming data points are classic "local bottom behaviors." Lee analyzes the data and points out that Strategy only sold 0.004% of its holdings, which is negligible; while the ETF's massive outflow is a lagging indicator of retail investors "cutting losses at the bottom." He demonstrates his optimistic stance through action, revealing that Bitmine aggressively added 110k ETH last week, firmly believing that the crypto spring has just begun.
(Background: Bitmine buys 112k ETH in one week! Tom Lee reaffirms crypto super cycle: Wall Street tokenization and AI as dual engines)
(Additional context: Bitmine contrarian buy of 110k ETH holdings nearly reaches "5% of global supply"! Tom Lee still bullish on Ethereum's "super cycle")

Table of Contents

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• Analyzing MicroStrategy’s first coin sale: only 0.004%, considered noise by Wall Street
• ETF outflows for 11 straight days totaling $3.4 billion: retail investors always sell at the bottom
• Bitmine’s macro strategy unchanged, last week pouring $237 million into ETH

The cryptocurrency market has recently faced multiple negative shocks, with Bitcoin’s price dropping below $70,000, sparking strong anxiety among retail and institutional investors. However, in the eyes of Wall Street’s bullish commander, the current despair might be the starting point for a turnaround.

According to the latest report from CoinDesk on June 2, 2026, Tom Lee, chairman of the world’s largest Ethereum treasury, Bitmine Immersion Technologies (NYSE: BMNR), downplays the recent institutional moves, stating that these are textbook examples of "market cycle bottoms."

Analyzing MicroStrategy’s first coin sale: only 0.004%, considered noise by Wall Street

The biggest shock to the market was MicroStrategy (known for "never selling") submitting an 8-K filing last week, revealing it sold 32 Bitcoin (cashing out about $2.5 million) to pay preferred stock dividends. This nearly four-year first reduction led many investors to question whether CEO Michael Saylor’s Bitcoin faith was wavering. Tom Lee responded casually:

"Michael has long said he has flexible asset management plans; he’s just executing according to plan."

"In the end, he still holds 99.99% of his Bitcoin, and only profits when Bitcoin rises."

Lee points out that Strategy still holds a massive 843,700 BTC, and this sale only accounts for 0.004% of its total holdings. Mainstream Wall Street analysts generally agree that this transaction is purely tactical noise on an economic scale, not a strategic shift.

ETF outflows for 11 straight days totaling $3.4 billion: retail investors always sell at the bottom

Another pessimistic data point is that the US spot Bitcoin ETF is experiencing its longest outflow since listing, with 11 consecutive trading days of net withdrawals, totaling $3.4 billion. Market makers like Wintermute also note that the crypto market is severely decoupled from the record-high US stock market.

However, Tom Lee, from a macro cycle perspective, points out that ETF capital flows are actually a "lagging indicator" of market cycles. He sharply sarcastically remarks:

"This is exactly what you’d expect to see at the bottom. People always despair and sell at the bottom, right?"

Bitmine’s macro strategy remains unchanged, last week pouring $237 million into ETH

To prove that he is not just optimistic in words, Tom Lee shows Bitmine’s unwavering buying actions. Despite market sentiment being subdued, Bitmine increased its purchase of Layer-1 leader Ethereum (ETH) again last week:

| Bitmine (BMNR) Latest ETH Holdings Details | | --- | | Market bottom buy-in last week | 111,942 ETH (total value up to $237 million) | | Current total holdings | Nearly 5.4 million ETH (continuing toward 5% of total supply) | | Network supply share | Approximately 4.47% of ETH circulating supply |

Lee emphasizes that the company's "Alchemy of 5%" accumulation plan is proceeding exactly as scheduled, and short-term price fluctuations do not affect its long-term layout. He predicts that market and retail panic are just part of the cycle transition; when extreme selling pressure at the bottom is exhausted, the market could immediately usher in a new rally.