BitMine chairman Tom Lee expects a near-term recovery in Ethereum, arguing that the second-largest cryptocurrency has repeatedly demonstrated sharp V-shaped reversals after deep corrections.

According to Lee, since 2018 Ethereum has shown eight strong V-shaped recoveries following significant drawdowns — a pattern he believes could repeat again.

Despite muted price action, underlying network data paints a different picture:

• The ETH staking queue has reached a historic high of 71 days
• A record 4 million ETH are waiting to enter the validator smart contract

This suggests sustained long-term commitment from participants, even amid weak short-term sentiment.

A growing staking queue typically implies:

• reduced liquid supply
• long-term conviction among holders
• structural demand for yield
• potential supply-side support during volatility

While price momentum remains soft, on-chain commitment signals that market participants are positioning for a longer-term outlook rather than capitulating.

The key question now: Will staking-driven supply tightening help catalyze the next ETH recovery phase — or will macro pressure delay the move?