Bitmine Immersion Technologies bought 101,627 Ethereum tokens last week. This was the company's largest weekly purchase in 2026.
After the deal, the total reserves $ETH of the company reached 4,976 million tokens. According to the announcement on April 20, the total amount of cryptocurrency and cash in BMNR's accounts has increased to $12.9 billion. Judging by Tom Lee's words, he has a clear reason to invest as much as possible in $ETH right now.
Tom Lee on the end of the crypto winter
The purchase was accompanied by a statement from board chairman Tom Lee that the decline in the cryptocurrency market is closer to completion than many think.
"Many are confident that the crypto winter could drag on until the fall of 2026, however, we believe that it is almost coming to an end," said Lee.
Lee linked his conclusions to recurring market scenarios. According to him, since 2015, phases of the cryptocurrency market downturn have most often coincided with declines in the stock market of at least 20%.
The decline of the cryptocurrency market in 2025 ran parallel to a decrease in the S&P 500 index of about 20%. In the current year 2026, the stock market correction is much weaker — about 8%.
Such a discrepancy suggests that the current decline in the cryptocurrency market is not supported by macroeconomic factors that usually extend bearish cycles. This may mean that the market will recover faster.
On-chain indicators and signals from ETFs converge
Against the backdrop of such trends, on-chain metrics and the recovery of fund inflows into exchange-traded funds (ETFs) also indicate positive prospects for Ethereum. On all platforms, ETH reserves on exchanges this week have decreased to approximately 14.6 million ETH. According to CryptoQuant, this is the lowest level since 2016. The reduction in balances on exchanges decreases the supply for sale from traders.
In recent days, spot Ethereum ETFs have recorded the highest weekly inflow since mid-January. In the week ending April 17, $275.83 million flowed into the funds.
The number of accumulating addresses has for the first time outpaced the number of stable whales — 2,434 versus 2,410. This ratio indicates that institutional investors are no longer waiting but are actively building positions.
"Whales not only have capital ready — they are moving to active purchases and transferring assets to cold storage," says a post from CryptoQuant.
Nevertheless, ETH is still trading around the mark of $2,306 — approximately 53% below the historic high of August 2025.
The extent to which the rates of Bitmine and the Lee model work will determine the sustainability of demand and the overall situation in the market.