Tom Lee said the crypto market downturn is nearing its end, describing it as a short-lived “mini crypto winter,” while outlining a long-term bullish outlook for Ethereum (ETH) and continuing large-scale accumulation through BitMine Immersion Technologies.

Speaking at Paris Blockchain Week, Lee projected Ethereum could reach US$60,000 (AU$87K) in the coming years, with an estimated fair value of US$62,000 (AU$89K). 

He attributed this outlook to two main drivers. First, increasing tokenisation of traditional assets by financial institutions on Ethereum, and second, growing demand from autonomous AI systems for neutral, public blockchain infrastructure.

Related: Saylor’s Strategy Nears 800K Bitcoin as Billion-Dollar Buying Spree Continues

Wartime Store of Value

BitMine has accelerated its Ethereum purchases, acquiring 71,524 ETH last week at about US$2,206 (AU$3,199) per coin, its fastest pace since December. The company now holds 4,874,858 ETH, equal to 4.04% of the network’s 120.7 million supply, and has reached 81% of its internal target to control 5% of total supply within nine months.

Of those holdings, 3.334 million ETH are staked, valued at roughly US$7.4 billion (AU$10.7 billion), making BitMine the largest Ethereum staking entity. Current staking operations generate about US$212 million (AU$307 million) annually, with projected returns rising to US$310 million (AU$449.5 million) if all holdings are deployed at a 2.89% yield.

Lee also pointed to Ethereum’s performance during the Iran conflict as evidence of changing market behaviour. 

ETH has risen 17.4% over that period, outperforming the S&P 500 by 1,830 basis points and gold by 2,743 basis points, suggesting a shift in its perceived role during geopolitical stress.

Despite this, BitMine reported a Q1 net loss of US$3.82 billion (AU$5.54 billion), largely driven by US$3.78 billion (AU$5.48 billion) in unrealised Ethereum losses. The company also holds 198 Bitcoin (BTC).

Lee had previously identified potential market bottoms in February, citing technical indicators that placed Ethereum near US$1,890 (AU$2,741) and Bitcoin at US$60,000 (AU$87,000), levels both assets have remained above.

Related: SEC Staff Clears Path for Crypto Wallet Interfaces to Operate Without Broker Registration

The post Tom Lee Calls Crypto Slump a ‘Mini Winter,’ Predicts Massive Upside for Ethereum appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ April 16, 2026 6:19 am