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Crypto traders are fixated on Tom Lee's latest shock call: Ethereum (CRYPTO: ETH) could plunge toward $2,500 in a capitulation flush before ripping into a Bitcoin (CRYPTO: BTC)-style supercycle run toward $7,000–$9,000. The timing, he argues, is measured in weeks, not years — a countdown that has electrified sentiment even as price action remains fragile.
But while screens flash red and green, the real power shift may be happening off-chart: Bitmine Immersion Technologies Inc (AMEX:BMNR) has quietly accumulated roughly 3% of the total ETH supply and is openly signaling ambitions to reach 5%, a line some institutional desks describe as the threshold where scarcity becomes a weapon.
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The BitMine position is being viewed not as speculation, but as the early architecture of a controlled supply squeeze. Unlike staking, which can unwind through incentives, or ETF flows that move with retail emotion, a single entity consolidating supply removes liquidity from circulation — creating structural pressure that multiplies if demand turns even slightly.
If Ethereum truly flushes toward $2,500, the buying opportunity becomes asymmetric: forced sellers meet a buyer with a balance sheet and a long runway. It's the kind of tension that turns quiet accumulation into a market pivot.
For Lee's supercycle thesis to play out, Ethereum doesn't need parabolic demand. It needs supply to disappear faster than sellers expect. The setup forming now is the kind that historically detonates quickly, not gradually.
While headlines obsess over price targets and fear charts, the deeper question is whether BitMine is intentionally setting the stage ahead of a liquidity shock. If the march toward 5% continues, late-movers may find themselves chasing upside in a market with no exits — and the rebound that Lee projects could move faster than screens can adjust.
For traders trying to decide whether this is just another hype cycle or something more structural, the tell may not be the next candle. It may be the moment no one can find Ethereum to buy when they finally need it.
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