Tom Lee’s BitMine Buys Almost 61,000 ETH аs Ethereum Price Eyes $2K
The Tom Lee-chaired former Bitcoin mining entity continues with its substantial ETH accumulation, adding another 60,976 coins for nearly $123 million.
Its total stash has risen to 4,535,563 ETH, valued at over $9 billion at current levels. Nevertheless, the firm’s average entry price for its ETH fortune is still well over $3,700 per coin, which means that it still sits on unrealized losses of billions of dollars.
Aside from owning 3.76% of all the Ethereum supply, though, the company still holds 195 BTC, a $200 million stake in Beast Industries, a $14 million stake in Eightco Holdings, and $1.2 billion in cash reserves.
He added that the correlations to these price trajectories is 89% and 93% for 2011 and 1987, respectively. If these analogs continue, ETH prices will bottom in the current week below $1,750, consistent with the overall market structure in the final stages of ‘mini-crypto winter.’
Consequently, Lee explained that BitMine’s strategy will continue to be to slightly increase its pace of ETH accumulation.
ETH has rebounded in the past few hours after the intense market-wide volatility prompted by the developments in the Middle East and now sits inches above the coveted $2,000 level. However, the asset’s breakout attempt from last week was halted at $2,200, and it has been unable to challenge those levels since.
The post Tom Lee’s BitMine Buys Almost 61,000 ETH аs Ethereum Price Eyes $2K appeared first on CryptoPotato.
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