Contrarian Analyst Sounds Alarm as Crypto Miner Embarks on Aggressive Ethereum Accumulation

Table of Contents Tom Lee’s latest bear market warning has reignited debate across the crypto market. The comments surfaced as BitMine continued expanding its Ethereum treasury despite prolonged ETH weakness. Blockchain tracking data showed the firm recently acquired another 60,000 ETH through wallets linked to Kraken and BitGo. The move arrived while Ethereum traded more than 50% below its reported 2025 peak. Crypto Tony shared Lee’s warning on X, drawing immediate attention from traders monitoring broader market conditions. The discussion intensified because BitMine has remained aggressive with Ethereum accumulation. JJUST IN: Tom Lee says a bear market is coming later this year. Do you think he’s right and we are getting a bear market later this year ? pic.twitter.com/CUaYvYdpKo — Crypto Tony (@CryptoTony__) May 24, 2026 BitMine launched its Ethereum treasury strategy in July 2025 following a $250 million private placement. The company later disclosed holdings of 163,142 ETH valued near $500 million at the time. Since then, the firm has steadily expanded its position during periods of market weakness. Recent blockchain activity tracked by Lookonchain pointed to another 60,000 ETH purchase worth roughly $126 million. The transactions reportedly moved through newly created wallets connected to Kraken and BitGo infrastructure. Blockchain investigator EmberCN also linked the transfers to BitMine’s treasury activity. The latest acquisition pushed BitMine’s reported Ethereum holdings above 5.2 million ETH. That figure represents about 4.37% of Ethereum’s circulating supply. Lee has continued defending the treasury strategy during the decline. According to the report, he viewed Ethereum prices below $2,200 as an attractive accumulation zone. Ethereum traded near $2,093 during the latest market session according to TradingView data. The asset remained roughly 57% below its reported 2025 high. BitMine previously indicated it would slow future Ethereum purchases during May. However, the company did not signal an end to the treasury plan. The firm still aims to control 5% of Ethereum’s total supply before December. That target has kept attention fixed on BitMine’s accumulation pace. It seems that Tom Lee(@fundstrat)'s #Bitmine just bought another 60,000 $ETH($125.9M). 2 newly created wallets likely linked to #Bitmine just received 60,000 $ETH($125.9M) from #Kraken and #BitGo.https://t.co/ERjkigDF1Uhttps://t.co/I4szPTrqFn pic.twitter.com/qYZBWRSJpA — Lookonchain (@lookonchain) May 22, 2026 Meanwhile, traders continue monitoring Ethereum’s technical structure. Market watchers highlighted a rising wedge formation during the recent recovery attempt. Some technical setups referenced in the report pointed toward possible downside near $1,600 if support levels fail. A move lower could increase unrealized losses tied to BitMine’s holdings. Based on reported treasury data, estimated paper losses could approach $10.1 billion depending on Ethereum market prices. The calculation used an average acquisition cost near $3,513 across 5.28 million ETH. At the same time, rebound scenarios remain active across trading discussions. Analysts tracking the wedge formation identified $2,530 near the 200-day moving average as a resistance level if buyers regain momentum.