Bitmine Immersion Technologies (BMNR) announced on April 20 that it purchased 101,627 Ethereum (ETH) last week, its largest single-week purchase since 2026, bringing its total ETH holdings to 4,976,000 ETH. Bitmine Chairman Tom Lee said publicly that the crypto winter is closer to ending than the market had expected.
Bitmine’s Details on Its Largest Single-Week ETH Purchase in 2026
According to Bitmine’s April 20, 2026 announcement, this week’s single-week purchase of 101,627 ETH is Bitmine’s largest weekly single purchase since 2026. After the purchase, the company’s total ETH holdings rose to 4,976,000 ETH (over 4% of ETH’s total supply), and its total holdings of crypto and cash reached $12.9 billion.
Tom Lee’s Market Analysis
Based on Bitmine Chairman Tom Lee’s public statement, he said: “Although many think the crypto winter may continue into the fall of 2026, we still believe the crypto winter is about to end.”
Lee linked this argument to historical market patterns, noting that since 2015, past crypto bear markets have typically been accompanied by at least a 20% decline in the stock market. He said that the crypto decline in 2025 roughly matched the S&P 500’s drop of about 20%; meanwhile, the stock market pullback in 2026 was about 8%, which is relatively smaller. Lee concluded from this that the current crypto slump lacks the macro backdrop that historically supported prolonged long-term bear markets.
On-Chain ETH Data and ETF Flows
(Source: CryptoQuant)
According to CryptoQuant data, this week, Ethereum exchange reserves across platforms fell to about 14.6 million ETH, the lowest level since 2016. Based on publicly available market data, for the week ending April 17, spot Ethereum ETFs recorded total net inflows of $275.83 million, the strongest single-week inflow since mid-January 2026. At the time of writing, ETH was trading at about $2,306, approximately 53% below its August 2025 all-time high.
Frequently Asked Questions
How much ETH did Bitmine buy last week, and what is its total holdings now?
According to Bitmine’s April 20, 2026 announcement, Bitmine bought 101,627 ETH last week (its largest single-week purchase in 2026). After the purchase, its total ETH holdings rose to 4,976,000 ETH (more than 4% of ETH’s total supply), and its total holdings of crypto and cash reached $12.9 billion.
What is Tom Lee’s basis for saying the crypto winter is ending?
According to Tom Lee’s public statement, his basis is historical market patterns: since 2015, crypto bear markets have typically come with at least a 20% drop in the stock market; 2025 fits this condition, but the 2026 stock market pullback is only about 8%. Lee believes this difference indicates that the current downturn lacks the macro backdrop for a prolonged long-term bear market.
What is the data source for exchange reserves falling to the lowest level since 2016?
According to CryptoQuant data, this week, Ethereum exchange reserves across platforms fell to about 14.6 million ETH, the lowest level since 2016.
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