Bitmain chairman Tomh Lee said that the 8% weekly drop in Ethereum (ETH) was due to quarter-end window dressing, explaining that the company had liquidated assets that had performed poorly over the recent three months.

Tomh Lee mentioned this, and Bitmain reported that it holds 5.7 million 4,040 ETH, which amounts to about $9 billion.

Chairman Li interprets the ETH drop as quarter-end window dressing.

Window dressing refers to the practice where a fund manager sells underperforming positions before the end of the quarter. This practice is used to show investors a portfolio with relatively less loss, without practically changing portfolio performance or returns.

Lee used this term to explain the recent drop in Ethereum.

“Last week was a difficult one for cryptocurrency investors. ETH fell 8%. With the end of the June quarter approaching, it is not surprising to see ‘window dressing’ behavior, such as investors reducing their holdings of assets that have fallen over the past three months.” – Tom Lee, Chairman of BitMEX

This drop is in line with a broader downward trend. Ethereum has fallen by about 22% over the past month, exceeding Bitcoin’s (BTC) 19% decline. Ethereum is also expected to record a negative quarter for the third consecutive quarter.

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Continued ETH buying; the price trades below the purchase price

Nevertheless, BitMEX continued buying during the bear market. The company bought an additional 27,084 ETH last week.

The ETH BitMEX currently holds corresponds to 4.7% of the total 120.7 million ETH supply. This is 94% of the ‘5% alchemy’ target.

“The future roadmap for cryptocurrency remains positive. The idea that Wall Street could modernize existing infrastructure with cryptocurrency systems, and that the future of agent-based AI payment systems could develop on top of a crypto-based foundation—BitMEX is focusing on its long-term vision, positioning itself positively for this growth driver, and running the company accordingly.” – Tom Lee, Chairman of BitMEX

Meanwhile, SharpLink, the second-largest Ethereum holder, has resumed buying. After an 8-month pause, SharpLink began accumulating ETH again.

According to Lookonchain, SharpLink bought 39,196 ETH. Despite resuming purchases, SharpLink is recording an unrealized loss of about $1.7 billion. The average purchase price per ETH is approximately $3,609.

This resumption signals that large holders are showing unwavering conviction even at prices far below their entry levels. Whether quarter-end reporting becomes a turning point and leads to an even bigger bearish move is expected to become clearer in July.

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