Tom Lee didn't wait for the CPI. On Monday morning, Bitmine announced that last week they scooped up 126,971 ETH — their biggest weekly buy of 2026 and the largest for the company that holds 4.59% of Ethereum's supply. Total haul: 5.54 million ETH. Value: $9.04 billion. "We ramped up our purchases because the price dip doesn't reflect the strengthening fundamentals of Ethereum," Lee stated. Ethereum is trading today at $1,690 — a +3.71% bounce back from last Friday's lows of $1,505.
The macro catalyst deciding if the bounce continues is the CPI on Wednesday. 10xResearch identified that market weakness since May was driven by ETF sell-offs after the April inflation data — not by crypto fundamentals. If the May CPI is cooler, Ethereum's bounce has all the setups it needs to accelerate. If it comes in hot, macro pressure continues across the entire market.
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💣 BOMBSHELL DATA:
Bitmine needs to scoop up another 497,000 ETH to hit their declared 5% supply target. $ETH at $1,690 is the price they're buying today — a whopping 66% below the ATH of $4,954 from August 2025. Tom Lee mentioned in May that they would slow down purchases. This week, they bought 126,971. The conviction of the biggest corporate holder of Ethereum is the most significant contrarian signal in the entire crypto market right now.
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📊 PRICE: $1,690 · +3.71% today · bouncing from $1,505 (2023 low)
🏦 BITMINE: +126,971 ETH last week — the biggest buy of 2026 · 5.54M ETH total
📋 CPI WEDNESDAY: the macro catalyst that decides the continuity of the bounce
⚡ GLAMSTERDAM: Q3 2026 — 3.3x gas limit · 10,000 TPS on L1
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🎯 KEY LEVELS:
🔴 Support: $1,630 (Bitmine buy reference) — $1,545 (structural support)
🟡 Resistance: $1,700 (psychological) — $1,768 (first technical bounce target)
🟢 Soft CPI Wednesday + Glamsterdam Q3: $1,950 → $2,200 — mean reversion
⚠️ Hot CPI + Iran escalation: $1,545 → $1,388 — real risk of a 52-week low
📌 IN SUMMARY:
1️⃣ Bitmine buys 126,971 ETH in the worst week of the year — the largest institutional bet of the cycle at peak fear
2️⃣ Tom Lee said they would slow down but still bought — the conviction of the largest corporate holder of Ethereum doesn’t follow the price down
3️⃣ CPI Wednesday — if May is cooler than April, 10xResearch predicts Ethereum's bounce will accelerate from the day of the release
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Are you stacking $ETH at $1,690 with Bitmine buying 127K in the worst month of the year — or does Wednesday's CPI need to confirm the bottom first? 👇
⚠️ Not financial advice. DYOR.
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