Tom Lee’s Bitmine buys another $41 million in ETH.
This brings the firm’s total ETH holdings to $16.4 billion.
Tom Lee expects ETH to perform better this cycle than the last.
The slight dip in crypto market prices this morning may have disheartened a few traders, investors, and holders, but many took the dip as a prime opportunity to accumulate. Presently, the price of ETH is trading in the $2,600 price range as opposed to the $2,700 it was trading at yesterday. Within this time, Tom Lee’s Bitmine buys another $41 million in ETH, bringing total to $16.4 billion in ETH holdings.
Bitmine Buys Another $41 Million in ETH
Ever since El Salvador’s President, Nayib Bukele, went on to declare Bitcoin a legal tender within its borders, the entire crypto investment state experienced a massive shift. What’s more, seeing El Salvador use its BTC profits to improve the state of the country practically proved the power and capability of the pioneer crypto asset. Since then BTC accumulation by visionary leaders became a norm.
Since then, crypto has come a long way and hoarding BTC in massive amounts is not an easy feat considering how high its value has gone since El Salvador’s decision. Instead, we saw a rise in ETH accumulation from massive entities, and the firm leading the charge in Bitmine, under Tom Lee’s leadership.
Tom Lee’s Leadership Now Holds $16.4 Billion in ETH
To highlight, the previous bull cycle saw Bitmine completely pivot from a Bitcoin Mining company to an ETH accumulation company. They even went on to sell all their BTC for ETH and have since been ETH steadily any time the market provided a good buy opportunity. In fact, Tom Lee’s goal is to hold 5% of the total ETH supply and he is getting steadily close to this goal every few months.
https://twitter.com/AshCrypto/status/2107087877725438331
As we can see from the post above, Tom Lee's BitMine bought $41 million worth of ETH, bringing the firm’s total ETH holdings to $16.4 billion. Lee has been talking about ETH hitting new ATHs as far as $10,000 to $12,000, a move we are still waiting to see. Now, he expresses his expectation for the current bull run to be bigger than the previous ones, could this mean an even greater bull target for ETH?
https://twitter.com/MarzellCrypto/status/2107697897403715744
From the post above, we can tell that the latest dip means losing a crucial box for ETH. The analyst goes on to explain how two weeks of every dip into $2,630 got bought, only for one hourly candle at 3 AM UK to dump it to $2,590 on nearly 10x normal volume. Yesterday, he hoped to see ETH hold $2,630, but it did not and is now trading just below it, meaning $2,630 is now the ceiling. As long as $2,630 caps, $2,590 could break and $2,564 liquidity could get tested next. However, reclaiming it would mean $2,683 will be back in play.