Tom Lee Calls for 100x Ethereum 'Supercycle' Like Bitcoin as BitMine Adds More ETH

Core Insights - BitMine Immersion Technologies has added 54,156 ETH, valued at approximately $170 million, to its balance sheet, bringing its total ETH holdings to 3,559,879 ETH worth over $11.1 billion, making it the largest publicly traded Ethereum treasury globally [1][2] - Despite Ethereum's price dropping more than 11% in the last week and being 35% off its all-time high from August, BitMine continues to accumulate ETH [3][2] - BitMine's Chairman, Tom Lee, predicts an Ethereum "supercycle," suggesting potential long-term price increases, with a possibility of a 100x rise similar to Bitcoin's past performance [4][5] Company Holdings - BitMine holds 3,559,879 ETH valued at over $11.1 billion, 192 Bitcoin worth about $18 million, and $607 million in cash [2] - The firm is positioned as the second largest crypto treasury overall, following Michael Saylor's Strategy with a $61 billion Bitcoin stash [2] Market Predictions - Predictions regarding Ethereum's price movement are nearly evenly split, with a 51% likelihood of falling to $2,500 rather than rising to $4,000 [4] - The market is still recovering from a significant liquidation event in October, which saw over $19 billion in positions wiped out in a single day [5] Market Dynamics - The current market conditions suggest that a market maker may have been severely impacted during the recent crash, leading to reduced liquidity functions and dampened prices, akin to quantitative tightening [6] - Tom Lee remains bullish on year-end predictions, suggesting Bitcoin could reach $150,000-$200,000 and Ethereum could rise to $7,000 by the end of the year [6]