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BitMine Continues to Buy The Dip, Scooping 100M ETH in a Week

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Retail merchants could also be panic-selling Ether right now, however Tom Lee’s BitMine Immersion Technologies stays bullish.  The firm reported on Monday that it had collected 102,259 ETH price greater than $300 million over the previous week.

“Tom Lee nonetheless has $1 billion in money. Will he preserve shopping for the dip?” asked Arkham Intelligence

Lee Remains Bullish on Ether

“Crypto costs have stabilized in the previous week, additional proof that crypto costs have begun to get better after the value shock of October tenth,” mentioned Tom Lee. However, this was earlier than the market crash yesterday.

BitMine at the moment holds 3.97 million ETH, or roughly 3.2% of the whole provide, valued at round $11.6 billion. It additionally holds 193 BTC price round $16.5 million and has $1 billion in money.

Lee continued to state that the agency has made progress on its staking answer, often called The Made in America Validator Network (MAVAN).

“This would be the ‘best-in-class’ answer providing safe staking infrastructure and will probably be deployed in early calendar 2026.”

Speaking on CNBC on Monday, he mentioned that there have been considerations concerning the quantum menace and the large deleveraging occasion in October, “however the crypto elementary story is exiting on a actually high be aware this 12 months.”

“The US authorities handed laws and laws favorable for crypto, and we all know Wall Street has expressed a lot of curiosity in constructing merchandise on the blockchain … so its nearly like each have nice visibility, however the worth ranges are what’s being unsure.”

Lee concluded that in crypto, “the most effective years are positively forward.”

Ether Price Loses Support

Lee’s feedback got here earlier than Ether costs misplaced assist and tanked beneath $3,000 in late buying and selling on Monday. ETH briefly fell beneath $2,900 throughout early buying and selling in Asia on Tuesday, its lowest degree because the massive leverage flush on December 2.

It is at the moment down 41% from its all-time high, and the downtrend seems to be continuing, regardless of the overwhelmingly bullish fundamentals for the community and asset.

The submit BitMine Continues to Buy The Dip, Scooping 100M ETH in a Week appeared first on CryptoPotato.

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