Inside Bitmine’s largest Ethereum purchase since December: ‘Crypto winter is ending’

Bitmine, the world’s largest Ethereum treasury agency, has scaled its holdings to 4.97 million ETH, or 4.12% of the circulating provide.

The agency is now about 1 million ETH away from its 5% provide goal, or about 6 million ETH. 

Bitmine’s weekly ETH buys bounce 41%

The agency reported that it purchased 101,627 ETH, the biggest bid since December 2025. Within the first and second weeks of April, it scooped 71.3K ETH and 71.9K ETH, respectively. In different phrases, final week’s bid was 41% increased than the earlier shopping for.  

In truth, within the final week of March, Bitmine acquired 65.3K ETH, underscoring an elevated tempo of purchases previously 4 weeks. Commenting on April’s accelerated shopping for spree, Tom Lee, Bitmine’s chairman, mentioned, 

Our base case; ETH is within the remaining phases of the ‘mini-crypto winter.’ We see rising indicators that the ‘mini-crypto’ winter is coming to an finish. As draw back tail dangers for the US-Iran conflict diminish, ETH has risen 41% from its early February lows.

Since February, the altcoin has bounced from $1.74K to the 2026 peak of $2.46K. On the time of writing, ETH traded at $2.31K, underscoring that it had given again a part of the latest features.

Nonetheless, based on Lee, the continuing crypto winter was nearing an finish. He added, 

Whereas many imagine the crypto winter might final by means of the Fall of 2026, our view stays that the crypto winter is way nearer to ending.

He continued,

Each main crypto winter since 2015 has coincided with an fairness drawdown of a minimum of 20%. In truth, the 2025 crypto drawdown moved in sync with the 20% decline within the S&P 500. However in 2026, the fairness decline has been milder at -8%.

Will Ethereum prolong its 2026 restoration?

On-chain information echoed Lee’s projections.

In accordance with Realized Value Bands, a key metric that has flagged previous cycle tops and bottoms, ETH was presently at a pivotal worth zone.

Notably, ETH was making an attempt to reclaim the realized worth (on-chain price foundation for holders) at $2,300. 

At any time when ETH defended the realized worth as assist previously, it rallied increased, nearer to the higher band. In distinction, dropping the realized worth as assist might improve the percentages of slipping to the decrease band presently at $1.15K. 

Ultimate Abstract

• Bitmine elevated the tempo of ETH buys by 41%, with Tom Lee projecting that the ‘mini crypto winter’ may very well be over quickly, citing U.S. fairness restoration. 
• ETH worth reclaimed a key realized worth stage of $2,300, additional supporting Lee’s projection of potential restoration for the altcoin.