Popular crypto analyst Tom Lee is urging investors to "buy the dip," a sentiment he emphasized using its well-known acronym "BTFD" in a post on X. His message followed a report by Bloomberg's Eric Balchunas, which indicated record inflows into U.S. equity ETFs, with over $47 billion moving into top funds in a single week, averaging about $10 billion per trading day.
Lee's statement aligns with his long-standing view that short-term market declines present buying opportunities. In parallel, his firm, BitMine Immersion, is currently experiencing one of these market dips. The company, which manages $11.36 billion in digital assets, holds 3,395,422 ETH and 192 BTC, positioning it with one of the largest public Ethereum treasuries in the market.
BTFD https://t.co/M7FTKFTWyU
— Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) November 6, 2025
Market Reactions and Valuation Tension
Ethereum's price has fallen by more than 14% this week, settling around $3,334. This decline has brought BitMine's market value close to the worth of its underlying holdings. Data from Blockworks Research shows the company trading at 1.04 mNAV on outstanding shares and 1.12 mNAV on a fully diluted basis. This valuation suggests that investors are pricing BitMine almost exactly in line with its crypto assets.
This situation is reminiscent of Lee's comments from mid-October, when he noted that several digital asset treasuries had begun trading below their net asset value, suggesting that "the bubble may have burst." During that period, mNAV ratios for several Ethereum-focused treasuries had dipped below 1.
Broader Market Context and Investor Sentiment
These recent developments underscore a growing caution among investors regarding crypto treasury companies. When valuations approach asset parity, markets tend to signal a focus on the real asset value rather than speculative premiums. This near-parity environment indicates that investors are neither heavily discounting nor significantly rewarding firms beyond their core holdings.
Lee's post arrives at a time when traditional equity markets are experiencing massive capital inflows, while crypto valuations face pressure. This contrast highlights a divided market sentiment, with traditional assets attracting strong demand as digital assets undergo sharp corrections.