BitMine bought another 12,535 ETH, bringing its holdings to 6.04 million as of October 18—about 4.9% of ETH’s total supply. Of that, 5.07 million ETH has been staked.
Tom Lee’s reason for this purchase wasn’t ETH’s own narrative—it was South Korea. From October 1 to 16, the KOSPI fell 17%; Samsung Electronics dropped 19.74%, and SK Hynix fell 28.38%. For four consecutive days leading up to October 16, liquidations exceeded 50 billion won a day. He said concerns over AI financing, US-Iran tensions, the midterm elections, and bond yields were prompting investors to de-risk. And because many investors in the US, South Korea, and Taiwan are heavily positioned in crypto, it got caught in the fallout.
I agree with the direction, but not the timing. A selloff driven by liquidations doesn’t end when fundamentals improve—it ends when leverage has been cleared out.
That’s why the final leg down is the fastest, and the rebound is the strongest. What matters is when liquidations in South Korea hit zero—not the narrative.
$ETH : add now, or wait until the liquidations stop?
#BitMineAdds12535ETH
Tom Lee’s reason for this purchase wasn’t ETH’s own narrative—it was South Korea. From October 1 to 16, the KOSPI fell 17%; Samsung Electronics dropped 19.74%, and SK Hynix fell 28.38%. For four consecutive days leading up to October 16, liquidations exceeded 50 billion won a day. He said concerns over AI financing, US-Iran tensions, the midterm elections, and bond yields were prompting investors to de-risk. And because many investors in the US, South Korea, and Taiwan are heavily positioned in crypto, it got caught in the fallout.
I agree with the direction, but not the timing. A selloff driven by liquidations doesn’t end when fundamentals improve—it ends when leverage has been cleared out.
That’s why the final leg down is the fastest, and the rebound is the strongest. What matters is when liquidations in South Korea hit zero—not the narrative.
$ETH : add now, or wait until the liquidations stop?
#BitMineAdds12535ETH