Tom Lee: This is the reason for the weakness of the crypto market

INFBusiness
19.11.2025
Markets

BitMine Immersion Technologies continues to buy more Ethereum amid the current weakness in the crypto market. The company acquired more than 54,000 ETH, worth approximately US$173 million, last week.
The company announced this today. Nevertheless, the stock (BMNR) lost over 6 percent on Monday, falling to its lowest level since August.
This increases BitMine's Ethereum holdings to nearly 3.6 million ETH, approaching three percent of the cryptocurrency's circulating supply. Simultaneously, the company has increased its cash reserves from $398 million to $607 million.
BitMine Chairman and Fundstrat co-founder Tom Lee blames the current weakness in the crypto markets on the sharp drop in liquidity following the flash crash of October 10 – possibly caused by a wounded market maker.
Lee nevertheless believes that the current cycle is not yet over and that the peak could be delayed until 2026 or later. He sees the ongoing tokenization of traditional asset classes such as stocks, bonds, and real estate on the Ethereum blockchain as the key driver, which should fuel demand for ETH in the long term.
However, BitMine is facing increasing criticism because it no longer publishes the number of outstanding shares, which is also attracting short sellers.
Meanwhile, following rumors about possible Bitcoin sales, Strategy has surprised everyone with a massive investment in BTC.

If you want to buy Bitcoin, Ethereum, or other cryptocurrencies, you can do so at Coinbase, among other places. Currently, you'll receive €30 in Bitcoin as a gift when you buy cryptocurrencies worth at least €30.

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