Tom Lee's $5 billion Ethereum paper loss and why he still sees a 40% drop as a Q1 2025-style opportunity

BitMine Immersion Technologies, which holds the largest known Ethereum treasury, is facing a paper loss of over $5 billion after ETH plunged 40%, leaving Tom Lee's more than 4 million ETH stash valued at about $9 billion instead of nearly $14 billion. Lee links the current drawdown to the 10 October crash and macro uncertainty, yet he compares the setback to the Q1 2025 pullback and views it as a fresh buying opportunity, while options flows now cluster around $2.2k on the upside and $1.7k on the downside for Q1 2026.