Ethereum Struggles Below $2,000, Yet BitMine Sees Rebound: Here’s What They’re Watching
Despite Ethereum trading below $2,000, BitMine remains bullish, citing historical data showing strong rebounds after deep drawdowns.Summary
Ethereum (ETH) is currently trading below $2,000, leaving many holders with unrealized losses, as the realized price stands at $2,241. BitMine, however, maintains a bullish outlook, referencing Fundstrat research indicating that the current drawdown depth (22% loss relative to realized price) falls into the 9th decile historically associated with high forward returns (median 81% 12-month return).
BitMine Chairman Tom Lee noted that ETH historically experiences V-shaped recoveries after major declines of 50% or more, suggesting a similar rebound is expected. This optimism is supported by BitMine's actions, as the firm has recently accumulated significant amounts of ETH, purchasing 10,000 ETH from Kraken, following prior acquisitions of 35,000 ETH from BitGo and FalconX, despite having approximately $7 billion in unrealized losses.
(Source：BeInCrypto)