Tom Lee Eyes $22K ETH as Supply Hits 2016 Lows — BlackRock Scoops $54M in a Single Day!

Fundstrat's Tom Lee has set a $22,000 price target for Ethereum, citing a structural supply squeeze that is increasingly hard to dismiss. Exchange reserves have fallen to 14.5 million ETH — the lowest level since 2016 — as staking and institutional accumulation systematically remove coins from circulation.

Bitmine now controls 4.3% of staked ETH supply, making it the second-largest staker, while spot ETH ETFs logged $61 million in net inflows on May 5 alone. BlackRock accounted for $54 million of that single-day figure, reinforcing the institutional bid that has been building beneath the surface.

The convergence of record-low exchange reserves, accelerating ETF demand, and a dominant staking position held by a single corporate treasury is the kind of supply-side compression that historically precedes sharp repricing. Lee's $22K target reflects the math: when liquid supply shrinks this…