BitMine Continues to Buy The Dip, Scooping 100M ETH in a Week

Retail traders may be panic-selling Ether today, but Tom Lee’s BitMine Immersion Technologies remains bullish.  The company reported on Monday that it had accumulated 102,259 ETH worth more than $300 million over the past week.

Lee Remains Bullish on Ether

“Crypto prices have stabilized in the past week, further evidence that crypto prices have begun to recover after the price shock of October 10th,” said Tom Lee. However, this was before the market crash yesterday.

BitMine currently holds 3.97 million ETH, or approximately 3.2% of the total supply, valued at around $11.6 billion. It also holds 193 BTC worth around $16.5 million and has $1 billion in cash.

Lee continued to state that the firm has made progress on its staking solution, known as The Made in America Validator Network (MAVAN).

Speaking on CNBC on Monday, he said that there have been concerns about the quantum threat and the huge deleveraging event in October, “but the crypto fundamental story is exiting on a really high note this year.”

Lee concluded that in crypto, “the best years are definitely ahead.”

Ether Price Loses Support

Lee’s comments came before Ether prices lost support and tanked below $3,000 in late trading on Monday. ETH briefly fell below $2,900 during early trading in Asia on Tuesday, its lowest level since the big leverage flush on December 2.

It is currently down 41% from its all-time high, and the downtrend appears to be continuing, despite the overwhelmingly bullish fundamentals for the network and asset.

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