Ethereum has kept a jittery waltz with volatility since October, and the recent month has sharpened its knives in the public square of price action. Tom Lee, the gentleman who presides over Fundstrat’s research salon, swears that investors’ gnashing of teeth over the coin’s recent fragility misses a long, crisply inked pattern: sharp descents followed by nearly as rapid recoveries. A charming little carousel, if you will, complete with whirling horses and the occasional scream of the crowd.
In his most benevolent prognostication, he declares that the bottom is near.
Is the Bottom Near?
Speaking at a Hong Kong conference, Lee noted that since 2018 Ethereum has endured eight drawdowns of more than 50%, including a dramatic 64% plunge between January and March last year. In every one of those episodes, ETH blessed observers with a “V-shaped bottom,” snapping back to life at roughly the same pace as its fall. To his eye, this record suggests that the present swoon preserves Ethereum’s heartbeat rather than altering its tempo, and another V-shaped recovery, like a prodigal prodigy, is due after the current sell-off.
Lee also referenced BitMine market analyst Tom DeMark, who believes Ethereum may need to revisit the $1,890 level to fashion a “perfected bottom.” Drawing on BitMine’s musings, Lee said ETH appears to hover very close to such a bottom, drawing comparisons with late 2018, late 2022, and the mischievous farce of April 2025.
He did not pin a precise trough to his velvet sleeve, yet argued that the magnitude of the decline itself matters more than a single number, and that investors should think in terms of opportunity rather than folding their stashes into a paper bag and sending it to the river.
“If you have already seen a decline, you should be thinking about opportunities here instead of selling.”
BitMine Is Buying, With a Wink
As Ether sagged to $1,760 on February 6, flirting with the 2025 low near $1,400, the ether-world continued its stubborn flirtation with the $2,000 barrier after a more than 36% fall in thirty days. Amid this theatrical weakness, BitMine-the ETH-focused treasury chaired by Lee-whispered to the market with a loud checkbook, purchasing roughly $83 million worth of ETH that very week.
Two substantial acquisitions-20,000 ETH apiece-sailed through institutional channels BitGo and FalconX, even as the firm’s existing holdings remained stubbornly underwater, like a bouquet left out in the rain.
Meanwhile, the tremor of the drawdown rippled through portfolios. Trend Research, a trading firm steered by Jack Yi of Liquid Capital, severed its Ethereum positions entirely and closed what had been Asia’s largest ETH long. The enterprise had constructed roughly $2.1 billion in leveraged ETH exposure but ultimately realized losses of about $869 million after unwinding, even as Yi had spoken of a bullish long-term future just days prior-one of those stubborn forecasts that wears a smile like a mask at a masquerade.
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2026-02-12 18:14