Tom Lee Doubles Down on Crypto Winter Call as Bitmine Makes Biggest ETH Purchase of 2026

Bitmine Immersion Technologies (BMNR) acquired 101,627 Ethereum (ETH) tokens last week. This marked its largest weekly purchase of 2026.

The latest acquisition increased the company’s total ETH holdings to 4.976 million tokens. Its combined crypto and cash position reached $12.9 billion, according to the April 20 announcement.

Tom Lee Crypto Winter Call Comes Amid Bitmine’s Largest ETH Buy

The purchase was accompanied by a statement from Chairman Tom Lee arguing that the crypto downturn is closer to ending than most expect. 

“While many believe the crypto winter may last through the Fall of 2026, our view remains that the crypto winter is much closer to ending,” he said.

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Lee pegged his winter-ending call to historical market patterns. He explained that, since 2015, previous crypto bear markets have typically coincided with equity drawdowns of at least 20%. 

The 2025 crypto decline aligned with a roughly 20% drop in the S&P 500. By contrast, the 2026 equity pullback has been relatively modest, at around 8%.

The divergence suggests the current crypto downturn lacks the macro backdrop that has historically sustained prolonged bear markets, implying a shorter duration and earlier recovery.

On-Chain and ETF Signals Align

Meanwhile, on-chain signals and rebounding exchange-traded fund (ETF) flows also paint a bullish picture for Ethereum. Ethereum exchange reserves across all platforms fell to roughly 14.6 million ETH this week. 

That marks the lowest level since 2016, per CryptoQuant. Falling exchange balances reduce sell-side liquidity available to traders. 

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Spot Ethereum ETFs also posted their strongest weekly inflow since mid-January. The funds drew $275.83 million for the week ending April 17.

Adding to this view, one analyst highlighted that the count of Accumulating Addresses has edged past Stable Whales, 2,434 versus 2,410. This crossover suggests institutions are no longer sitting on the sidelines but are actively building positions.

“Whales do not just have capital ready; they are actively executing orders and moving assets to cold custody,” the post read.

Despite these tailwinds, ETH still trades near $2,306, roughly 53% below its August 2025 all-time high. 

Whether Bitmine’s pace and Lee’s framework hold up depends on sustained demand and broader market conditions.

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