{"id":79185,"date":"2026-10-07T11:54:13","date_gmt":"2026-10-07T11:54:13","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-price-slips-under-84k-as-tom-lee-eyes-biggest-bull-market-ever\/"},"modified":"2026-10-07T11:54:13","modified_gmt":"2026-10-07T11:54:13","slug":"bitcoin-price-slips-under-84k-as-tom-lee-eyes-biggest-bull-market-ever","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-price-slips-under-84k-as-tom-lee-eyes-biggest-bull-market-ever\/","title":{"rendered":"Bitcoin Price Slips Under $84K as Tom Lee Eyes Biggest Bull Market Ever"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"@container mb-[25px] rounded-sm overflow-clip py-0.5 pr-0.5 pl-2.5 bg-success-100\">\n<div class=\"flex flex-col gap-m overflow-clip rounded-[6px] !bg-success-10 p-3 @[420px]:p-m\">\n<h2 class=\"m-0 flex items-center gap-s text-[19px] !text-[#1c1c1c] md:text-[20px]\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"10\" viewbox=\"0 0 16 10\" fill=\"none\" class=\"shrink-0 text-success-100\" aria-hidden=\"true\"><path d=\"M1 1.5h14\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><path d=\"M1 8.5h10\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><\/svg><span>Key Takeaways<\/span><\/h2>\n<ul class=\"m-0 flex list-none flex-col gap-m pl-0\">\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Tom Lee said at Token2049 on Oct. 7 that this \u201cmay be the biggest bull market we\u2019ve ever seen.\u201d<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Bitmine bought 12,500 ETH worth $33.65M via Bitgo, lifting it to about 4.9% of ether\u2019s supply.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">With a hard 5% cap, Bitmine has roughly 76,000 ETH, or about $200M, of buying left.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<h2>What Did Lee Say?<\/h2>\n<p>Lee, chairman of ether treasury company Bitmine and head of research at Fundstrat, used his Token2049 Singapore appearance <a href=\"https:\/\/x.com\/cryptodylnews\/status\/2107695890131513600\" target=\"_blank\" rel=\"noopener noreferrer\">to go all-in on the bull case<\/a>, noting:<\/p>\n<blockquote>\n<p>[Crypto is] 2 days past the bottom. This may be the biggest bull market we\u2019ve ever seen.<\/p>\n<\/blockquote>\n<p>His reasoning leaned on who is doing the buying, stating that he has \u201cnever seen\u201d quite so many major institutions declare a bull market during any of the previous cycles he has witnessed, and that their doing so now confirms the cycle.<\/p>\n<p>Lee dated the start of this bull market to August 2026, said the four-year-cycle bottom has already appeared, and <a href=\"https:\/\/foresightnews.pro\/news\/detail\/114657\" target=\"_blank\" rel=\"noopener noreferrer\">pointed to four drivers<\/a>, namely:<\/p>\n<ul>\n<li>Institutional asset tokenization.<\/li>\n<li>A decade-long intergenerational wealth transfer.<\/li>\n<li>Digital asset treasury companies soaking up supply.<\/li>\n<li>Artificial intelligence (AI) agents paying onchain.<\/li>\n<\/ul>\n<h2>The Market\u2019s Response<\/h2>\n<p>As Token2049 Singapore continues to <a href=\"https:\/\/www.aap.com.au\/aapreleases\/cision20260806ae20700\/\" target=\"_blank\" rel=\"noopener noreferrer\">run through Oct. 7-8<\/a> at Marina Bay Sands, bitcoin\u2019s morning saw the asset fall from about $86,590 to $83,790 in roughly 20 minutes. Onchain trackers subsequently tallied <a href=\"https:\/\/x.com\/coinbureau\/status\/2107660936026751195\" target=\"_blank\" rel=\"noopener noreferrer\">$412.62 million in liquidations<\/a> in just an hour, almost all of it longs.<\/p>\n<p>Ether, the asset Lee\u2019s company is built around, <a href=\"https:\/\/www.bitcoin.com\/price\/ethereum\/\" target=\"_blank\" rel=\"noopener noreferrer\">took a bigger hit than bitcoin<\/a>. It slid from roughly $2,720 to a low of $2,610, and Lookonchain caught one trader losing a <a href=\"https:\/\/x.com\/lookonchain\/status\/2107657959694389519\" target=\"_blank\" rel=\"noopener noreferrer\">$9.85 million ETH long<\/a> in about three minutes.<\/p>\n<p>The day before was not much better for ether demand. U.S. spot ether exchange-traded funds (ETFs) recorded $201.89 million in outflows on Oct. 6, while bitcoin ETFs took in $118.8 million.<\/p>\n<p>None of that disproves Lee\u2019s thesis, though, which was centered around a multi-month timeframe rather than minutes. But, in any case, his \u201c2 days past the bottom\u201d line will be judged against the lows that printed the same morning.<\/p>\n<h2>Why Is Bitmine Hitting the Brakes?<\/h2>\n<p>Another consequential remark of his Token2049 appearance may have been about Bitmine itself. Lee said the company is not accumulating past 5% of ether\u2019s supply, a goal he has previously referred to to as the \u201calchemy of 5%.\u201d<\/p>\n<p>Bitmine is already close and on Oct. 5 the firm\u2019s <a href=\"https:\/\/www.prnewswire.com\/news-releases\/bitmine-immersion-technologies-bmnr-announces-eth-holdings-reach-6-02-million-tokens-and-total-crypto-and-total-cash--marketable-securities-holdings-of-17-4-billion-302897949.html\" target=\"_blank\" rel=\"noopener noreferrer\">holdings update showed<\/a> 6.016 million ETH and $17.4 billion in total crypto and cash, after Bitcoin.com News reported the company <a href=\"https:\/\/news.bitcoin.com\/crypto-news\/tom-lees-bitmine-nears-5-ether-supply-41m-eth-buy\/\">neared the 5% mark<\/a> with a $41 million purchase.<\/p>\n<h2>How Much Ether Is Left to Buy?<\/h2>\n<p>At press time, Onchain Lens has put <a href=\"https:\/\/x.com\/OnchainLens\/status\/2107638333358915950\" target=\"_blank\" rel=\"noopener noreferrer\">ether\u2019s total supply at 122.1 million ETH,<\/a> bringing Bitmine\u2019s haul to 4.9% (post its latest buy). Five percent of 122.1 million is about 6.105 million ETH and adding the new 12,500 ETH to the Oct. 5 total gives roughly 6.03 million.<\/p>\n<p>That leaves about 76,000 ETH before the cap, or close to $200 million at Wednesday\u2019s price near $2,617. For context, Bitmine only <a href=\"https:\/\/news.bitcoin.com\/crypto-news\/tom-lees-bitmine-6-million-ether-milestone-46m-buy\/\">passed 6 million ether in late September<\/a>, and it has been adding tens of millions of dollars a week since.<\/p>\n<p>The roughly $200 million Bitmine has left to spend is about what ether ETFs lost in a single day this week. Once Bitmine reaches the cap, ether stands to lose one of its most reliable buyers.<\/p>\n<div class=\"not-prose my-3 lg:my-4\">\n<div class=\"overflow-hidden rounded-lg !bg-[#E8EDFA] p-[9px] hidden md:flex md:flex-row md:gap-3 lg:hidden\"><a aria-hidden=\"true\" tabindex=\"-1\" class=\"relative size-[150px] min-w-[150px] shrink-0 overflow-hidden rounded-[15px]\" href=\"https:\/\/news.bitcoin.com\/tom-lees-bitmine-nears-5-ether-supply-41m-eth-buy\/\"><\/p>\n<div class=\"absolute left-2 top-2\"><img alt=\"Bitcoin.com News\" loading=\"lazy\" width=\"28\" height=\"28\" decoding=\"async\" data-nimg=\"1\" class=\"size-7\" style=\"color:transparent\" srcset=\"\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=32&amp;q=75 1x, \/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75 2x\" src=\"https:\/\/news.bitcoin.com\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75\"\/><\/div>\n<p><\/a><\/div>\n<div class=\"overflow-hidden rounded-lg !bg-[#E8EDFA] p-[9px] hidden lg:flex lg:flex-row lg:gap-4\"><a aria-hidden=\"true\" tabindex=\"-1\" class=\"relative size-[150px] min-w-[150px] shrink-0 overflow-hidden rounded-[15px]\" href=\"https:\/\/news.bitcoin.com\/tom-lees-bitmine-nears-5-ether-supply-41m-eth-buy\/\"><img alt=\"Tom Lee\u2019s Bitmine Nears 5% of Ether Supply With $41M ETH Buy\" loading=\"lazy\" decoding=\"async\" data-nimg=\"fill\" class=\"object-cover\" style=\"position:absolute;height:100%;width:100%;left:0;top:0;right:0;bottom:0;color:transparent\" sizes=\"150px\" srcset=\"\/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F09%2Fbitmine-adds-28086-eth-as-ethereum-treasury-hits-14-8b-150x150.jpg&amp;w=32&amp;q=75 32w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F09%2Fbitmine-adds-28086-eth-as-ethereum-treasury-hits-14-8b-150x150.jpg&amp;w=48&amp;q=75 48w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F09%2Fbitmine-adds-28086-eth-as-ethereum-treasury-hits-14-8b-150x150.jpg&amp;w=64&amp;q=75 64w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F09%2Fbitmine-adds-28086-eth-as-ethereum-treasury-hits-14-8b-150x150.jpg&amp;w=128&amp;q=75 128w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F09%2Fbitmine-adds-28086-eth-as-ethereum-treasury-hits-14-8b-150x150.jpg&amp;w=256&amp;q=75 256w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F09%2Fbitmine-adds-28086-eth-as-ethereum-treasury-hits-14-8b-150x150.jpg&amp;w=384&amp;q=75 384w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F09%2Fbitmine-adds-28086-eth-as-ethereum-treasury-hits-14-8b-150x150.jpg&amp;w=640&amp;q=75 640w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F09%2Fbitmine-adds-28086-eth-as-ethereum-treasury-hits-14-8b-150x150.jpg&amp;w=828&amp;q=75 828w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F09%2Fbitmine-adds-28086-eth-as-ethereum-treasury-hits-14-8b-150x150.jpg&amp;w=1080&amp;q=75 1080w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F09%2Fbitmine-adds-28086-eth-as-ethereum-treasury-hits-14-8b-150x150.jpg&amp;w=1200&amp;q=75 1200w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F09%2Fbitmine-adds-28086-eth-as-ethereum-treasury-hits-14-8b-150x150.jpg&amp;w=1920&amp;q=75 1920w\" src=\"https:\/\/news.bitcoin.com\/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F09%2Fbitmine-adds-28086-eth-as-ethereum-treasury-hits-14-8b-150x150.jpg&amp;w=1920&amp;q=75\"\/><\/p>\n<div class=\"absolute left-2 top-2\"><img alt=\"Bitcoin.com News\" loading=\"lazy\" width=\"28\" height=\"28\" decoding=\"async\" data-nimg=\"1\" class=\"size-7\" style=\"color:transparent\" srcset=\"\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=32&amp;q=75 1x, \/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75 2x\" src=\"https:\/\/news.bitcoin.com\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75\"\/><\/div>\n<p><\/a><\/p>\n<div class=\"flex min-w-0 flex-1 flex-col justify-center gap-2\">\n<p class=\"m-0 line-clamp-2 text-base leading-[1.3] !text-[#67656E]\">Publicly traded ether treasury firm Bitmine Immersion Technologies announced Monday that it has edged closer to its stated goal of\u2026<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/news.bitcoin.com\/featured\/tom-lee-bottom-biggest-bull-market-bitmine-5-percent-ether-cap\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) Key Takeaways Tom Lee said at Token2049 on Oct. 7 that this \u201cmay be the biggest bull market we\u2019ve ever seen.\u201d Bitmine bought 12,500 ETH worth $33.65M via Bitgo, lifting it to about 4.9% of ether\u2019s supply. With a hard 5% cap, Bitmine has roughly 76,000 ETH, or [&hellip;]<\/p>\n","protected":false},"author":3947362404,"featured_media":79186,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/79185"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362404"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=79185"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/79185\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/79186"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=79185"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=79185"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=79185"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}