Why Tom Lee’s BitMine Is Buying Ethereum (ETH) Aggressively Despite Market Fear

BitMine Immersion Technologies, the largest firm holder of Ethereum (ETH), has doubled down connected its acquisition of ETH successful December, highlighting assurance successful the asset.

The renewed buying comes contempt a pugnacious situation for Ethereum. Rising speech inflows and ongoing exchange-traded money (ETF) outflows constituent to short-term unit crossed the market.

According to a caller disclosure, BitMine acquired 138,452 ETH past week, representing a 156% summation implicit the erstwhile 4 weeks. Its full holdings basal astatine 3.86 cardinal ETH.

This accounts for implicit 3.2% of Ethereum’s circulating supply. Furthermore, it puts BitMine two-thirds of the mode toward its extremity to power 5% of ETH's supply.

Since adopting ETH arsenic a reserve asset, BitMine has continued to marque large-scale purchases. Between June 30 and October 5, BitMine accumulated 2.83 cardinal ETH. Since October 5, it has added different 1.03 cardinal ETH to its holdings.

Ethereum’s weakness passim the 4th fourth makes BitMine’s dependable accumulation adjacent much notable. Since aboriginal October, ETH has shed astir 24.8% of its value, reflecting persistent downward pressure.

December has offered a tiny interruption from that trend. The terms has climbed much than 4% since the commencement of the month, and with it person climbed BitMine's ETH purchases.

According to BitMine Chairman Tom Lee, the company’s accelerated purchasing enactment reflects its assurance that ETH volition apt spot gains successful the coming months, supported by respective cardinal catalysts.

These see the Fusaka upgrade, which was activated past week and delivers meaningful improvements to Ethereum’s scalability, security, and wide web efficiency. BitMine besides points to the broader macro backdrop, with the Federal Reserve ending quantitative tightening and perchance introducing different involvement complaint chopped tomorrow.