Tom Lee’s Bitmine has continued to accumulate Ethereum despite the sharp downturn rippling through the wider crypto market. On-chain data highlighted by Lookonchain shows a newly tracked wallet, 0xE2ed, receiving 21,054 ETH worth $66.57 million from Kraken.
The move aligns with Bitmine’s ongoing accumulation strategy, which the company has been using to steadily expand its Ethereum holdings. Arkham Intelligence data shows Bitmine currently holds 3.33 million ETH, valued at around $10.28 billion.
Despite the market downturn, Tom Lee(@fundstrat)'s #Bitmine is still buying $ETH.
A new wallet 0xE2ed — likely linked to #Bitmine — just received 21,054 $ETH($66.57M) from the #Kraken 6 hours ago.https://t.co/7RaBLay400 pic.twitter.com/4GXXeWcsXJ
— Lookonchain (@lookonchain) November 19, 2025
Ethereum Performance
Lee’s accumulation comes as Ethereum has fallen nearly 20% in November, sliding from $3,900 to the $3,000 region for the first time since mid-July. The pullback has created a consistent sequence of lower highs and lower lows, reinforcing a daily downtrend that remains intact.
Moreover, the Mayer Multiple recently dropped below 1, placing ETH at a significant discount relative to its 200-day moving average. Historically, sub-1 readings have aligned with long-term bottoming phases. The only major deviation occurred in early 2022 during the extended bear market, indicating that discounted conditions often precede strong recoveries.
Short-term volatility, however, remains elevated. Hyblock Capital data reveals heavy long-liquidation clusters between $2,904 and $2,916, and between $2,760 and $2,772, suggesting that the market may sweep lower pockets of liquidity before forming a durable base. Altcoin Vector notes that liquidity conditions have fully reset, a pattern seen ahead of all prior macro bottoms.
Analysts Signal Potential Rebound Window
Tom Lee recently said he expects a bottom to form within the week, citing Ethereum’s tightening valuation metrics. He pointed to the falling ETH/TVL ratio now hovering near 50%, a level he views as constructive. He also emphasized Ethereum’s historically low ratio against Bitcoin, arguing that it strengthens the case for future relative outperformance.
Lee outlined a wide price projection range, with long-term scenarios stretching from $12,000 to $62,000. The upper boundary assumes Ethereum evolves into a global payment rail, pushing its market capitalization toward $7.45 trillion. Although highly speculative, such targets illustrate how macro-level narratives continue shaping institutional positioning.
Ethereum’s dominant position in tokenized real-world assets is another factor bolstering long-term confidence. The network holds a 63% market share, with over $11 billion in tokenized assets issued by firms such as BlackRock, Franklin Templeton, and Janus Henderson. That leadership reinforces the idea that Ethereum remains the primary settlement layer for regulated digital assets.
The CoinRemark Team
Evans Kelvin
