Bitmine Immersion Technologies bought an additional 101,627 ether last week, and an analysis said the end of the bear market may be near.

Blockchain media outlet BeInCrypto reported on Monday that the purchase increased Bitmine’s total ether holdings to 4,976,000. Its total position, including cryptocurrencies and cash, stood at $12.9 billion.

Along with the purchase, Tom Lee (톰 리), chairman of Bitmine’s board, said the crypto bear market could end sooner than the market expects. He said many people think the bear market will last until autumn 2026, but the company’s view is closer to "crypto winter ending much sooner."

Lee cited past market patterns as the basis for that view. He said that since 2015, major crypto bear markets have largely coincided with periods when the U.S. stock market fell by more than 20 percent. The crypto downturn in 2025 overlapped with a period when the S&P 500 slid about 20 percent. By contrast, the 2026 stock market correction was limited to about 8 percent. Bitmine sees the current crypto decline as different from the macro environment that underpinned past prolonged bear markets.

Ethereum supply and demand indicators also pointed in the same direction. CryptoQuant data showed total exchange reserves of ether across all platforms fell to about 14.6 million this week. That is the lowest level since 2016. A decline in exchange balances is interpreted as meaning fewer tokens are immediately available to sell in the market.

Spot Ethereum exchange-traded funds also saw a pickup in flows. On a weekly basis through April 17, these products recorded net inflows of $275.83 million. That was the largest weekly inflow since mid-January. Another indicator pointing to institutional demand also emerged. An analyst noted that the number of accumulation addresses was 2,434, surpassing 2,410 stable whale addresses. He assessed that "whales are not just holding capital, but are actually executing orders and moving assets into cold custody."

Prices are still far from their highs. Ether traded at about $2,306, about 53 percent below the all-time high set in August 2025. The outlet reported that whether Bitmine’s aggressive buying and Lee’s outlook lead to an actual market rebound will depend on whether demand continues and how broader market conditions move.