PANews reported on April 16th, citing Cointelegraph, that Tom Lee, Chairman of Bitmine Immersion Technologies, stated in his keynote speech at Paris Blockchain Week that the recent crypto market downturn is a "mini crypto winter" that may already be over. He believes the stock market has bottomed out amidst bad news such as the US-Israel and Iran wars, and the crypto market correction has not been accompanied by a broader stock market bear market, which is "unusual." Lee predicts that driven by tokenization and the Ethereum-based AI agent initiative, Ethereum will emerge from a "massive consolidation" and could rise above $60,000 within the next few years. He considers $62,000 a reasonable valuation if Ethereum reaches a quarter of Bitcoin's long-term value.

His remarks came as Bitmine disclosed a $3.82 billion unrealized loss in its Ethereum holdings for the first quarter. The company held approximately 4.6 million ETH (4.04% of the total supply) at an average cost of $3,660, while the current ETH price was around $2,351. Despite the loss, Bitmine added 71,500 ETH to its holdings on Monday.