Cryptocurrency markets have endured a sharp November correction—Bitcoin down 8% to ~$96,400 and Ethereum off 13% to ~$3,160—but BitMine Immersion Technologies Chairman Tom Lee remains bullish.
He forecasts a recovery starting after Thanksgiving (November 27), potentially taking 6–8 weeks, calling current volatility “short-term fluctuations” linked to a few overextended market makers.
Lee cautioned traders against leverage amid $1.2 billion in liquidations last week. “Now is not the time,” he said, urging prudence as “sharks” hunt forced sales.
Under Lee, BitMine has amassed 3.5 million ETH ($12.5 billion), representing 2.9% of circulating supply, including 110,288 ETH added last week—a 34% spike in accumulation. The firm aims to reach 5% of ETH’s total supply, positioning for a long-term “super cycle” in which Ethereum underpins trillions in tokenized assets.
Despite skeptics, historical patterns support Lee’s timeline: BTC often gains ~12% in December post-Thanksgiving, while upcoming Ethereum upgrades (e.g., Pectra in Q1 2026) promise scalability improvements.
BitMine ETH Treasury Snapshot:
| Metric | Value |
|---|---|
| Total Holdings | 3.5M ETH |
| Value | $12.5B |
| % of ETH Circulating Supply | 2.9% |
| Recent Addition | +110,288 ETH (last week) |
| Target Holdings | 5% of supply |
| Chairman’s Outlook | ETH Supercycle Intact |
Lee’s message: survive short-term volatility, avoid leverage, and prepare for Ethereum’s long-term rally.
