Tom Lee, managing partner of Fundstrat Global Advisors, stated that Ethereum has bottomed out at around $4,300, while his ETH fund management company, Bitmine Immersion Technologies, has purchased an additional $21 million of this leading altcoin.

"The predicted ETH bottom will occur in the coming hours," Lee said in a post on X earlier today, shortly after 8 PM EST.

Lee shared a screenshot of a message he received from Fundstrat's strategic technical director, Mark Newton.

Newton stated that ETH offers a "very good risk/reward ratio" at the current level. He also added that he is "very skeptical" that the largest altcoin by market cap will escape the recent bullish trend or drop below last week's lows.

Newton continued, "Ideally, the price will bottom out at around $4,300 within the next 12 hours and begin to rise to new highs, surpassing $5,100 and nearing $5,400 to $5,450."

BitMine Buys ETH at a Discount

While many traders sold during the recent downturn, BitMine Immersion Technologies viewed this correction as an opportunity to buy ETH at a discount.

According to on-chain data from Arkham Intelligence, the company has purchased an additional 4,871 ETH for $21.3 million.

According to data from StrategicETHReserve, BitMine is currently the largest Ethereum treasury management company globally, holding 1.7 million ETH on its balance sheet valued at over $7.5 billion at current prices.

The second-largest holder of ETH is SharpLink Gaming, with reserves of 740.8 thousand ETH worth $3.2 billion.

Both BitMine and SharpLink hold more ETH than the Ethereum Foundation, which only holds 231.6 thousand tokens in its reserves.

The amount of ETH held by BitMine also accounts for 40% of the total 4.3 million ETH currently held by public companies.

Yesterday, BitMine revealed that it had increased its cryptocurrency and cash holdings by an additional $2.2 billion to $8.8 billion, adding over 190,500 tokens in the past week.

The total net asset value of cash and cryptocurrency per share of the company has since risen to $39.84, up from $22.84 in July.

BitMine Stock Continues to Decline

While BitMine continues to add to its massive ETH treasury, the company's stock price has been trending down over the past week.

Data from Yahoo Finance shows that BitMine's price has increased by over 584% in the past 6 months. The company's stock price has risen over 3% in the past 24 hours and 9% over the past week.

The stock price increased by 2% in pre-market trading today.

Cryptocurrency Market Liquidated Over $800 Million

Lee's price prediction for ETH comes amid a broader cryptocurrency market decline.

In the past 24 hours, the cryptocurrency market capitalization has decreased by over 1% to below $3.8 trillion, according to CoinMarketCap.

The leading cryptocurrency Bitcoin (BTC) briefly fell below $110,000, while all other major cryptocurrencies were caught in the sell-off. ETH itself dropped to $4,316.30 in the past 24 hours after reaching a daily high of $4,678.99. This alternative coin then recovered and was trading at $4,420.65 at 4:45 AM EST.

Despite recovering, the price of Ethereum is still down more than 3% in the 24-hour timeframe. This is a negative turnaround compared to the long-term bullish trend, where ETH surged over 4% and more than 17% in the weekly and monthly timeframes.

During the recent cryptocurrency correction, approximately $812 million was liquidated from the market.

Data from GoinGlass shows that short positions were the most affected, accounting for $700.36 million of the money wiped off the market.

Traders betting on BTC and ETH will suffer the most significant losses. Optimistic BTC traders lost $269.94 million, while ETH buyers lost $266.8 million.