At the Consensus conference in Hong Kong, Bitmine Chairman Tom Lee noted that Ethereum has experienced eight instances of over 50% declines since 2018, each time rebounding with a V-shaped recovery. Lee emphasized that the broader crypto market's reversal is contingent on Bitcoin leading the way, which in turn depends on a weakening gold performance. He suggested that Ethereum is nearing a cyclical bottom, advising investors to focus on potential opportunities rather than attempting to time the market precisely.