BitMine Chairman Tom Lee addresses investor concerns about crypto market peaks, attributing recent volatility to post-liquidation liquidity challenges.
Thomas “Tom” Lee of Fundstrat, chairman of BitMine, recently addressed crypto investors’ concerns about the market having reached its top value this cycle. BitMine is the world’s largest Ethereum ETH $3 027 24h volatility: 1.3% Market cap: $365.06 B Vol. 24h: $37.02 B treasury, holding $11.8 billion of ETH, and the second-largest cryptocurrency treasury behind Michael Saylor‘s 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, “when a market maker has a ‘hole’ on their balance sheet,” 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 2022’s 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.
“But we do not believe crypto prices have peaked for this ‘cycle’ and this is covered in our November chairman’s message,” continued Lee. “We 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.”
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 ETH—totaling 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 cash—totaling an $11.80 billion treasury.
Illustrating Tom’s analysis on what he called a crypto QT, ETH is currently trading at $3,077 per token. This puts BitMine’s 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 chairman’s analysis.
Robert Kiyosaki is another known crypto enthusiast and investor who recently disclosed holding Bitcoin BTC $92 481 24h volatility: 1.7% Market cap: $1.85 T Vol. 24h: $88.16 B and Ethereum together with gold and silver. Kiyosaki, best-selling author of “Rich Dad, Poor Dad” called BTC and ETH “people’s money” in a post on November 17, covered by Coinspeaker.
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