Bitmine Immersion Technologies chairman Tom Lee said the cryptocurrency market could be entering the first stages of a rebound.

In a note on Monday, Lee said that, similar to previous cycles, investor sentiment has been muted despite strengthening crypto prices.

“Crypto spring, in our view, has commenced and like past cycles, investor sentiment and conviction are muted and bearish even as crypto prices strengthen. We believe the potential passage, or even failure, of the CLARITY Act confirms the arrival of crypto spring,” he added.

Crypto investors have seen more than half a year of depressed crypto prices since the October 2025 crash. Analysts have been debating when a meaningful rebound would occur.

Lee said that the drivers behind crypto, and particularly Ethereum, are still strong.

“Ethereum continues to benefit from the dual tailwinds of Wall Street tokenizing on the blockchain and from agentic AI systems increasingly needing public and neutral blockchains," said Lee.

He added that the much-anticipated CLARITY Act, whether it passes or fails, will confirm the arrival of “crypto spring.”

Source: Bitmine

Lee says the company is “continuing our aggressive accumulation”

Lee’s comments come as the treasury firm purchased more than 101,745 Ether, worth $242 million, over the past week, taking another step closer to its goal of holding 5% of the token’s circulating supply.

The company now has more than 5.1 million Ether in its holdings, according to its announcement, representing roughly 4.29% of the 120.7 million Ether supply.

Lee said the company is “continuing our aggressive accumulation” in line with its increased pace of buys over the past four weeks and reiterated that “our base case $ETHis in the final stages of the mini-crypto winter.”

“$ETHhas outperformed the S&P 500 by 1,380 basis points since the war started and remains one of the top-performing assets in the world besides crude oil prices,” he said.

“As for the upcoming drivers of crypto gains, Ethereum continues to benefit from the dual tailwinds of Wall Street tokenizing on the blockchain and from agentic AI systems increasingly needing public and neutral blockchains.”

Bitmine is the largest Ether treasury company and also one of the most frequent purchasers of crypto, along with Michael Saylor’s Bitcoin treasury firm, Strategy, which paused its Bitcoin buys on Sunday ahead of its first-quarter earnings report.

Bitcoin breached $80,000 on Monday and is up 20% over the past month. Ether is up nearly 16% over the same period and is trading at $2,380. The Crypto Fear and Greed Index returned a score of 50 and a neutral rating on Tuesday after spending April in “extreme fear” territory.

The Crypto Fear and Greed Index returned a score of 50 and a neutral rating on Tuesday. Source: Alternative.me

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