Tom Lee’s Bitmine Buys Another $88M ETH as ETFs Record Inflows

The Ethereum ETH $2 955 24h volatility: 2.6% Market cap: $356.64 B Vol. 24h: $21.18 B  treasury company Bitmine Immersion, led by Fundstrat Capital’s CIO Tom Lee, has been accumulating the leading altcoin amid market consolidation.

Bitmine purchased 29,462 ETH on Tuesday, Dec. 23, according to data from Lookonchain.

On Dec. 22, the Ethereum treasury firm accumulated another 13,412 ETH. The 42,874 ETH purchase, worth roughly $128.7 million, in the past two days brings Bitmine’s total holding to over 4.06 million ETH tokens.

Bitmine has been heavily buying ETH over the past month. The company accumulated 138,452 ETH within the first week of December alone.

Currently, Bitmine’s total crypto and cash holdings are worth more than $13.2 billion, according to the company’s official press release on Monday, Dec. 22.

Ethereum ETFs See the Light

The crypto market, including the leading assets, has been seeing high volatility over the past two weeks.

Ethereum fell from its local high of $3,400 on Dec. 10 to $2,780 on Dec. 18. The leading altcoin recorded mild gains to break the $3,000 mark on Dec. 22 but is down 2.2% in the past 24 hours again.

ETH is currently trading at $2,960 despite the massive buying spree from Bitmine.

On the other hand, spot ETH exchange-traded funds in the US recorded their first inflows after seven consecutive outflows. These ETFs registered a net inflow of $84.6 million on Dec. 22, solely coming from Grayscale’s ETHE and ETH funds, according to data from Farside.

ETH ETF inflows come while spot Bitcoin BTC $87 297 24h volatility: 2.5% Market cap: $1.74 T Vol. 24h: $49.51 B  ETFs recorded another $142.2 million in net outflows on the same day.

The institutional uncertainty has been triggering FUD among retail investors. Coinspeaker reported that “wholecoiner” selloffs have been consistently declining over the past year, which means that smaller wallets have been selling more than whales.

Despite the negative sentiment from retail investors, Bitmine’s chairman believes that the crypto bottom is in and predicted that Ethereum could reach $62,000. Notable industry analysts have already questioned this prediction.

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