Ethereum ($ETH) is witnessing a bullish market outlook amid the institutional shift. In this respect, the top crypto institutions like Bitmine are accumulating $ETH in significant amounts. As per the data from CrytposRus, a popular crypto news and analytics platform, Tom Lee has urged investors to keep their $ETH holdings rather than engaging in selloffs. Hence, the current market scenario highlights a likely breakpoint while the institutions are aggressively amassing $ETH.
Institutional $ETH Accumulation Indicates Bullish Outlook
The on-chain data reveals that the large institutional $ETH holders are showing a bullish stance with their latest accumulation. Keeping this in view, Tom Lee, a renowned market strategist, considers it to be a good opportunity for those holding $ETH coins. As per him, now is not the time to sell $ETH as the institutions are preparing for a significant price action.
Therefore, instead of selling $ETH, the holders reportedly need to have patience to leverage a potential leg up. Particularly, Bitmine has efficiently accumulated nearly 4% of the cumulative $ETH supply over five months. This signifies a crucial turning point toward another optimistic market movement.
Tom Lee Anticipates Long-Term Bullish Scenario Amid Short-Term Downturn
At the moment, Ethereum ($ETH) is changing hands at $3,090.58, presenting a 4.75% price decrease over the past 24 hours. At the same time, the weekly performance of the leading altcoin shows 1.7% surge. However, in the case of 1-month price movement, $ETH accounts for a 10.89% dip. Moreover, its market cap stands at $373.06B with a 4.74% decrease. However, despite this provisional downtrend, Tom Lee anticipates a bullish scenario coming ahead.
Even then, according to CryptosRus, as the institutional accumulation grows, market onlookers like Tom Lee and Michael Saylor are persuading the Ethereum ($ETH) and Bitcoin ($BTC) holders to keep their holdings. In this respect, Bitmine is staking $ETH, expecting to get a per-day yield of over $1M once completed staked. As a result, the holders could avail themselves of this likely opportunity to earn notable yields.
Source: https://blockchainreporter.net/tom-lee-urges-ethereum-investors-to-hold-eth-amid-aggressive-institutional-accumulation/
