BitMine buys $70M ETH while Tom Lee revises Bitcoin prediction
BitMine acquired $70 million in Ether amid a market slump, while Chairman Tom Lee revised his Bitcoin all-time high prediction to January.Summary
BitMine Immersion Technologies recently purchased approximately $70 million worth of Ether over three days, continuing its accumulation strategy despite being currently underwater on its holdings, which average $3,008 per token. BitMine is aiming to hold 5% of the total Ether supply.
Simultaneously, BitMine's chairman, Tom Lee, has adjusted his forecast for Bitcoin's next all-time high (ATH). Previously tipping $250,000 by the end of 2025, Lee recently speculated it might happen by year-end, and now suggests a new ATH could be reached by the end of January, contingent on equity market recovery.
Meanwhile, Jeff Dorman, CIO of Arca, noted that bullish fundamentals in equities, credit, and gold markets contradict the crypto slump, suggesting the selling pressure might stem from liquidity issues, specifically the difficulty for large institutions like Vanguard and State Street to easily purchase crypto through their existing systems.
(Source：Cointelegraph)