I just reviewed some interesting information about recent movements in ETH. It turns out that last week there were quite aggressive purchases of Ethereum, with additions of over 71,000 coins. That sounds like someone who truly believes in the project.

What caught my attention was the context behind these purchases. According to Tom Lee, who is leading this operation, we are seeing a key moment for Ethereum. He argues that the asset has performed exceptionally recently, even surpassing gold as a store of value during times of global uncertainty. ETH has shown a 17.4% increase in the past few weeks, which definitely positions it as one of the best assets of the period.

The interesting part is that Tom Lee maintains a clear view of where we are in the cycle. According to him, the market is in what he calls the 'final stage of the crypto mini-winter.' That explains why the strategy has been to maintain a steady pace of accumulation each week. The last 71,524 ETH purchased represent the highest buying rate since late December.

From a market perspective, this makes sense. Tom Lee points out two important dynamics for Ethereum: first, the tokenization of traditional assets on blockchain is gaining real traction on Wall Street, and second, there is a growing demand for decentralized AI systems on public and neutral blockchains. These are narratives that go beyond speculation.

The accumulated position is also quite significant. We’re talking about nearly 4.9 million ETH, which accounts for approximately 4% of the total supply. That gives an idea of the scale of this bet. Combined with other investments and cash reserves, the total portfolio is around $11.8 billion.

Tom Lee’s perspective on being in the final phase of the bear market is interesting because it suggests there are opportunities right now. With ETH around $2.32K, those buying at these levels could be positioning themselves for what’s coming next. It’s worth paying attention to how this evolves in the coming weeks.