$2,090 Ethereum, filled with 'Requiem of the Undead', are many people already cutting losses, or are they still waiting for the 'extreme low point' at $1,500?
Just the day before yesterday, on February 9th, when market panic reached its peak, BitMine (BMNR) took action. Their executive chairman Tom Lee did not just engage in Twitter rhetoric, but instead invested a whopping 84 million dollars, purchasing 40,000 $ETH in one go.
This is quite interesting. People usually pay attention to Tom Lee because he is the 'eternal bull' analyst at Fundstrat, always calling for a rise. But this time is different; this time he is acting as the BitMine operator, betting the company's money on the country's fortune.
Many people still haven't realized the logic behind this. The current $ETH is only about 5000 dollars away from the peak in August 2025, having dropped 57%. In the eyes of retail investors, this is 'bottomless'; but in the eyes of institutions, this is what is known as a 'golden pit'.
Tom Lee put forward an interesting concept - 'Alchemy of 5%'. BitMine's goal is to hold 5% of the total circulating supply of Ethereum. After this round of buying, the holdings they have account for about 3.58% of the circulating supply. They even staked 67% of the coins, and the annualized income from staking is expected to be 200 million dollars. Did you notice? Whales do not care about short-term paper losses; what they value is cash flow and concentration of chips.
Regarding this wave of collapse, Tom Lee's judgment is very straightforward: V-shaped reversal. He provided data showing that Ethereum has experienced 8 major drops since 2018, and each time it eventually recovered. He believes that the current price does not reflect the on-chain activity at all - with 2.5 million transactions daily and 1 million active addresses, this fundamental is much stronger than before.
There is a harsh reality here: retail investors always want to buy at the absolute bottom, but often hesitate to buy when it drops and chase after it when it rises. And funds like BitMine enter at $2,000, not because they are sure this is the bottom, but because the risk-to-reward ratio (PnL Ratio) is already enticing enough.
The so-called 'attractive entry point' does not mean that buying will immediately lead to a rise, but rather that the downside risk is very small at this position, while the upside potential is huge. Tom Lee's actions this time, rather than being a prediction, are more about him taking advantage of the market's 'excessive liquidation' to pick up bloodied chips.
Don't keep staring at those red K lines trembling. If 2026 really turns out to be a V reversal as he said, are the people holding $ETH now bottom fishing or just preparing to hand over the future?
The market has already signaled; whether you dare to follow depends on your own judgment. For this $84 million order, do you think Tom Lee has gone crazy, or has the market misjudged? Let's discuss in the comments.