Key Notes
- Lee attributes current market weakness to liquidity drainage following October 10 liquidations, comparing it to quantitative tightening effects.
- BitMine holds $11.1 billion in Ethereum at $3,120 per ETH, currently facing 1.37% unrealized losses as markets consolidate.
- The executive maintains bullish outlook, projecting crypto cycle peak will occur between 12 to 36 months from now despite near-term volatility.
Thomas โTomโ Lee of Fundstrat, chairman of BitMine, recently addressed crypto investorsโ concerns about the market having reached its top value this cycle. BitMine is the worldโs largest Ethereum
ETH
$3 057
24h volatility:
1.1%
Market cap:
$368.53 B
Vol. 24h:
$36.77 B
treasury, holding $11.8 billion of ETH, and the second-largest cryptocurrency treasury behind Michael Saylorโs Strategy.
According to a press release issued on November 17, Tom explained crypto markets have not yet recovered from the October 10 liquidations, creating a market dynamic equivalent to fiduciary quantitative tightening (QT) that dries liquidity out. This happens, in his words, โwhen a market maker has a โholeโ on their balance sheet,โ reducing their liquidity functions and increasing volatility, usually to the downside.
BitMine Chairman believes crypto is not out of the woods yet and points out 2022โs QT, whose effects lasted for six to eight weeks. Nevertheless, the executive is still optimistic and believes the market has not peaked, predicting a market top likely to come within the next 12 to 36 months.
โBut we do not believe crypto prices have peaked for this โcycleโ and this is covered in our November chairmanโs message,โ continued Lee. โWe look at five explanations for the crypto price cycle and conclude that two have important explanatory value. Both of these suggest a crypto cycle top likely 12-36 months away. Yes. This is a break from past cycle behavior.โ
BitMine Ethereum Holdings and ETH Price
Notably, BitMine has also disclosed its Ether holdings, currently summing up to 3,559,879 ETH at $3,120 per ETHโtotaling nearly $11.10 billion at these prices. Besides Ethereum, the company also holds 192 BTC, $37 million of Eightco Holdings (NASDAQ: ORBS), and $607 million in cashโtotaling an $11.80 billion treasury.
Illustrating Tomโs analysis on what he called a crypto QT, ETH is currently trading at $3,077 per token. This puts BitMineโs Ether holdings at unrealized losses of 1.37%. However, the second-largest cryptocurrency trades in an important support and resistance (S/R) level that dates back to November 2024.
Ethereum (ETH) price chart in one year, as of November 17, 2025 | Source: TradingView
In a yearly timeframe, this zone has been marked by strong demand pressure while Ethereum was trading above it and strong supply pressure while the token was trading below it. If history repeats and buyers decide to defend this level, ETH could be primed to bounce back to the upside, recovering from the recent losses.
Nevertheless, breaking down this zone is still a possibility even if Ether can still recover from that to seek new highs in the next 12 to 36 months, per BitMine chairmanโs analysis.
Robert Kiyosaki is another known crypto enthusiast and investor who recently disclosed holding Bitcoin
BTC
$92 702
24h volatility:
1.9%
Market cap:
$1.85 T
Vol. 24h:
$87.51 B
and Ethereum together with gold and silver. Kiyosaki, best-selling author of โRich Dad, Poor Dadโ called BTC and ETH โpeopleโs moneyโ in a post on November 17, covered by Coinspeaker.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Vini Barbosa has covered the crypto industry professionally since 2020, summing up to over 10,000 hours of research, writing, and editing related content for media outlets and key industry players. Vini is an active commentator and a heavy user of the technology, truly believing in its revolutionary potential. Topics of interest include blockchain, open-source software, decentralized finance, and real-world utility.
