Tom Lee: "Ethereum in the late stages of a mini crypto winter"

An analysis has emerged suggesting that Ethereum (ETH) has entered the final stretch of a “mini crypto winter (a downturn in digital assets).”

According to digital-asset (cryptocurrency) outlet BeInCrypto on the 24th, Tom Lee, chairman of Bitmine, said, “Ethereum is in the last phase of a mini crypto winter.” He added that he has accelerated his pace of Ethereum buying over the past three weeks.

Tom Lee said, “Last week we bought 65,341 ETH, a higher level than the prior weekly average of 45,000–50,000 ETH.”

Bitmine, the world’s largest corporate holder of Ethereum, currently holds 4.66 million ETH, equivalent to about 3.86% of total supply. Its total holdings, including cash and other assets, were tallied at about $11 billion.

He also commented on price action. Tom Lee said, “Since the Iran war, Ethereum has risen about 18%, delivering 2,450 bp of outperformance versus equities.” He continued, “Gold, a traditional safe haven, has fallen more than 15%,” arguing that “digital assets are functioning as a reliable store of value in a wartime environment.”

On the regulatory front, he pointed to positive signals. He explained, “The Clarity Act, legislation related to crypto market structure, is increasingly likely to pass Congress,” adding that “the probability of passage within the year is being priced at 68% or higher.” He added, “This is a positive catalyst for Ethereum’s fundamentals,” and “it supports the possibility that most of the crypto winter is behind us.”