Tom Lee "Crypto Spring Has Arrived"...BitMine Scoops Up 5.2 Million ETH of Ethereum

▲ Tom Lee, Bitcoin (BTC), Ethereum (ETH)/ChatGPT generated image ©

Despite BitMine slowing down its accumulation, Tom Lee declared that "crypto spring" has begun. For Ethereum, the atmosphere is one of direct collision between bullish sentiment and profit-taking sell-offs regarding its ability to settle above $2,100.

According to the investment media FXStreet on May 11 (local time), BitMine Immersion Technologies, an Ethereum (ETH) treasury strategy company, added 26,659 ETH last week, increasing its total holdings to 5.2 million ETH. However, this marks the lowest weekly purchase volume since the company unveiled its Ethereum treasury strategy in June last year. BitMine Chairman Tom Lee (Thomas Lee) stated, "We initially planned to accumulate over 100,000 ETH per week but decided to adjust the pace."

BitMine is currently staking approximately 4.71 million ETH, about 90% of its total holdings, generating an annual staking yield of approximately $319 million. Tom Lee argued that "crypto spring" has begun, citing the tokenization movement on Wall Street and the spread of agentic AI. He emphasized that if Ethereum closes above $2,100 by the end of May, it would mark three consecutive months of upward closes, a trend never seen during a bear market.

On the other hand, caution is growing in some parts of the market. Garrett Jin, known as an early Bitcoin investor, recently moved a total of 577,896 ETH to Binance over the past four days. According to the smart money tracking platform Lookonchain, he further deposited the remaining 225,627 ETH, with potential losses reportedly amounting to approximately $1.3 billion.

Technically, the 100-day Exponential Moving Average (EMA) and the $2,388 resistance level were identified as key inflection points. Ethereum is currently maintaining a relatively strong trend, staying above its 20-day and 50-day EMAs of $2,317 and $2,274, but it is facing strong selling pressure around the 100-day EMA of $2,353. The Relative Strength Index (RSI) was around 54, indicating a weak bullish trend close to neutral.

For an upward move, breaking through $2,354 and $2,388 is key. The media analyzed that if it surpasses this range, further upside potential to $2,746 and $3,412 could open up. Conversely, if it falls below the 20-day and 50-day EMAs, the likelihood of testing support levels at $2,211 and $2,108 increases, with a further decline potentially opening up the range to $1,909 and $1,741.

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