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

"According to predictions, the bottom for ETH will occur in the coming hours," Lee said in a post on X this morning, shortly after 8 PM local time.

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

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

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

BitMine Buys ETH at a Discount

While many traders sold during the recent downturn, BitMine Immersion Technologies views 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 USD.

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

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

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 reported as held.

Yesterday, BitMine revealed that it has added an additional $2.2 billion USD in cryptocurrency and cash assets to reach $8.8 billion USD, adding more than 190,500 tokens in the past week.

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

BitMine Stock Price Continues to Decline

While BitMine continues to add to its massive ETH supply, the company's stock price has declined in the past week.

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

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

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

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

The leading cryptocurrency Bitcoin (BTC) temporarily 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 hitting a daily high of $4,678.99. This altcoin then recovered and is trading at $4,420.65 as of 4:45 AM local time.

Despite recovering, the price of Ethereum has still decreased by more than 3% in 24 hours. This is a negative reversal compared to the long-term uptrend, where ETH increased over 4% and more than 17% on a weekly and monthly basis.

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

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

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

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