Foreign media reported that after the release of U.S. inflation data in August, the market turned upward after a brief fluctuation, with Ethereum rising to $2,619 on Friday, representing a daily increase of about 7.5%. Fundstrat Co-founder Tom Lee believes that this trend may evolve into a rapid upward movement driven by shorts being forced to close their positions.

CPI announced, and the market strengthened thereafter.

The report mentioned that in August, the year-on-year growth rate in the United States was 3.4%, which was in line with expectations. However, the core CPI increased by 0.3% month-on-month, slightly higher than market forecasts. After the data was released, U.S. Treasury yields rose for a while, causing the market to fluctuate initially, followed by a general rebound in risk assets.

Tom Lee believes that many investors took a defensive stance before the data was released. As the results did not deteriorate significantly, funds that were previously held in cash began to flow back, driving a rebound in crypto assets and triggering a concentrated covering of short positions by some traders.

ETH Continuing rebound within the week

According to reported data, as of the end of the working week on September 11, ETH rose by 7.46% on that day, with a weekly increase of 6.62%. Lee described this trend as a rapid upward movement that could put pressure on bears.

The core conclusion of this article is that what drives the upward movement of ETH is not just the inflation data itself, but rather the previously overly cautious market positions. After the data was released, adjustments to these positions amplified price fluctuations.

Bitmine Position Holdings Become a Focus Point

The report also mentioned that Bitmine Immersion Technologies, who serves as the chairman of Tom Lee, is continuously buying ETH. The article states that this company was originally a mining firm and is currently increasing its holdings of Ethereum on a weekly basis, using the majority of its holdings for staking.

According to the text, as of September 2026, Bitmine has accumulated approximately 5.9 million ETH, which accounts for about 4.9% of the global supply. Since Lee is also a market commentator and the person in charge of related companies, their judgment on the future market of ETH is directly related to the company's position holding performance.