Bitmine Buys 101,627 ETH as Tom Lee Signals Crypto Winter Could End Sooner Than Expected

Quick overview

Bitmine Immersion Technologies has just dropped a massive $101,627 worth of ETH into its pot, boosting total holdings up to a staggering 4.976 million ETH. With that kind of move, the combined value of Bitmine’s crypto and cash holdings now comes in at a whopping $12.9 billion as of April 20, 2026. The sheer scale of this buy-up is a clear indication that institutional conviction in Ethereum remains strong, despite the token hovering over 50% below its 2025 peak.

The End of Crypto Winter may be Nigh

Fundstrat co-founder Tom Lee reckons that the current crypto downturn might be drawing to a close before we think. And he bases that on the historical relationship between crypto bear markets and the state of the broader economy.

Looking back to 2015, its pretty clear that long crypto winters have almost always coincided with at least a 20% dip in the S&P 500. And sure enough, that’s exactly what we saw in 2025 – equities and digital assets both fell around 20%. But so far this year in 2026, the stock market has been a lot more resilient – only down around 8%. This growing divergence between the two is basically a clear sign that the usual bear market conditions aren’t in play, making it much more likely that the crypto winter is going to come to a close sooner rather than later.

More and more Bullish Signs are Emerging

Beyond looking at the bigger economic picture, there are other indicators that Ethereum’s price is due to start climbing soon. Here are a few of them:

• The amount of Ethereum held in exchange reserves has dropped to a 14.6 million ETH – the lowest it’s been since 2016 – which in turn means there’s less money on the sell-side.
• Ethereum-focused ETFs pulled in a whopping $275.83 million in new money for the week ending April 17 – the biggest inflow in months.
• And we know that there are now more addresses where money is actively being added to the network (2,434) than there are stable whale wallets just letting their funds sit there (2,410). That to me says that people are not just holding onto their Ether in the hope that itll go up, they’re actually actively buying in and storing it away for long term – a classic sign of bullish intent.

INTEL: Tom Lee’s Bitmine buys 101,627 $ETH in its largest weekly purchase since December and lifts holdings to 4.98 million $ETH, about 4.1% of supply pic.twitter.com/rnrjVWBehV

— Solid Intel 📡 (@solidintel_x) April 20, 2026

Price is Behind the Times

For all these bullish signals, though, Ethereum’s price still hasn’t really caught up – its trading at $2,306, which is roughly 53% below its August 2025 all time high. That’s a big gap, and it reflects the unease and uncertainty that still lingers in the air over broader financial conditions.

However, what history tells us is that this kind of dislocation has a habit of preceding a sharp reversal in price Once demand starts to stabilise and the market tightens up a bit, then you can bet your house on the price suddenly jumping up. And Bitmine’s bold buying-up strategy is telling us that they think the current market price is a solid entry point.

What to Watch Next

So whats’ going to make or break this story

• Will we see continued ETF inflows and institutional buying?
• Will exchange reserves keep on dropping, or will we see some new sellers come into the market?
• How will equity markets behave over the coming weeks – will they stay stable or start to recover?
• And on the network level, how will Ethereum transaction growth and activity change – will it start to perk up and show some more life?

If all these things come to pass, then we could see a very quick shift from accumulation into expansion in the market – sooner than the market seems to be expecting right now. For now, Bitmine’s massive buy-up and Lee’s macro framework are sending out a pretty clear signal that the crypto winter is already starting to loosen its grip.

ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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