Bitmine continued its streak of increasing Ether purchases, scooping up another 101,745 tokens in the past week, with its total holdings now exceeding 5.1 million Ether. Bitmine Immersion Technologies chairman Tom Lee said the cryptocurrency market could be entering the first stages of a rebound.
In a note on Monday, Lee said that, similar to previous cycles, investor sentiment has been muted despite strengthening crypto prices.
“Crypto spring, in our view, has commenced and like past cycles, investor sentiment and conviction are muted and bearish even as crypto prices strengthen. We believe the potential passage, or even failure, of the CLARITY Act confirms the arrival of crypto spring,” he added.
Crypto investors have seen more than half a year of depressed crypto prices since the October 2025 crash. Analysts have been debating when a meaningful rebound would occur.
Lee said that the drivers behind crypto, and particularly Ethereum, are still strong.
“Ethereum continues to benefit from the dual tailwinds of Wall Street tokenizing on the blockchain and from agentic AI systems increasingly needing public and neutral blockchains,” said Lee.
He added that the much-anticipated CLARITY Act, whether it passes or fails, will confirm the arrival of “crypto spring.”
