Tom Lee says BTC/ETH may have hit a technical/time-based bottom amid price slump; Lee defends BitMine’s ~$6.6B unrealized ETH loss

first published 2026-02-03T14:34:38Z

Fundstrat co-founder Tom Lee said crypto prices have overshot to the downside and that Bitcoin and Ethereum may have reached a technical and time-based bottom per Tom DeMark analysis. Lee pointed to improving fundamentals — including accelerating Ethereum on‑chain activity — contrasting with recent price weakness (BTC ≈ $77,357, ETH ≈ $2,265). He cited investor flows into gold and silver and political/Fed uncertainty as sources of volatility. Separately, BitMine Immersion Technologies bought 41,788 ETH (~$96M), bringing its holdings to ~4.28M ETH while sitting on >$6B unrealized losses from earlier accumulation at ~ $4,000/ETH. The uptick in Ethereum addresses has been partly attributed to address poisoning attacks.

AI Analysis

Tom Lee said prices have overshot to the downside and that BTC and ETH may have reached a technical/time-based bottom per Tom DeMark; he cited improving fundamentals (accelerating Ethereum on‑chain activity) despite price weakness (BTC ≈ $77,357; ETH ≈ $2,265) and noted flows into gold/silver and political/Fed uncertainty. BitMine’s purchase of 41,788 ETH (~$96M) and its ~4.28M ETH holding (with >$6B unrealized losses from prior ~ $4,000/ETH accumulation) are concrete, factual items in the summary.

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