Ethereum mini crypto winter near end as Bitmine buys 65,341 ETH and stakes
Ethereum is trading near ~$2,150 after a drop of more than 30% from 2025 highs, while sentiment remains broadly bearish. Citing fund manager Tom Lee, the article frames Ethereum’s “mini crypto winter” as late-stage, with a potential bottom close.
The catalyst is Bitmine’s continued accumulation. Bitmine bought 65,341 ETH since March 16 (about $140m at current prices) and now holds 4.661m ETH, estimated at 3.86% of Ethereum’s circulating supply (120.7m). Critically for supply dynamics, 3.142m ETH is already staked, generating an estimated ~$272m annually at a ~2.83% yield. Lee argues this staked balance is “locked” and therefore not hitting the market.
Market structure is also discussed as tradeable. Ethereum consolidates roughly between $2,100 and $2,250, with the 200-day EMA near $2,400 acting as a key ceiling. The piece notes three failed attempts to reclaim that level. Funding rates on major perps are slightly negative, suggesting bears are still paying—an environment that could fuel a short squeeze if a catalyst arrives.
The forward-looking scenarios depend on levels: a break back above ~$2,400 could open a path toward $3,000–$3,200, while failure to hold around $2,100 on retests would weaken the “mini-winter” thesis.
Finally, the article links Ethereum’s relative strength to geopolitical risk, saying Ethereum is up 18% since tensions escalated and has outperformed equities, positioning crypto as an emerging macro hedge.
Bullish
这则消息对交易者偏利好。核心在于Ethereum的“供给约束”改善：Bitmine不仅继续买入65,341 ETH，更把3.142m ETH质押锁定，减少了潜在抛压。类似以往大型资金在熊市末段选择“边买边锁仓”的行为，往往会先改变市场情绪与流动性预期，后续再通过价格突破触发逼空（尤其当资金费率略偏负时，空头更容易被挤压）。
短期上，文章指出Ethereum仍在2,100–2,250区间震荡，且多次失败于2,400上方；但若出现催化（例如地缘风险溢价继续计价或资金继续加速），资金费率与技术位可能共同把走势从横盘推向上行。中期上，质押带来的“慢速供给冲击”（并非立刻卖出）更利于形成趋势，而非单纯反弹。
长期上，文中把Ethereum定位为宏观对冲资产，并提及机构持仓/投资者轮动逻辑，这可能支撑风险偏好恢复。但反面风险也明确：若价格多次在关键位失守（尤其回踩守不住2,100），迷你熊市叙事会破裂，市场可能回到更深的去风险阶段。因此总体为偏看涨、但高度依赖2,400与2,100的突破/守住情况。