The Tom Lee-chaired former Bitcoin mining entity continues with its substantial ETH accumulation, adding another 60,976 coins for nearly $123 million.<\/p>\n
Its total stash has risen to 4,535,563 ETH, valued at over $9 billion at current levels. Nevertheless, the firm\u2019s 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.<\/p>\n
Aside from owning 3.76% of all the Ethereum supply, though, the company still holds<\/a> 195 BTC, a $200 million stake in Beast Industries, a $14 million stake in Eightco Holdings, and $1.2 billion in cash reserves.<\/p>\n \u201cEthereum prices showed resilience this week, in the face of rising war concerns and surging oil prices. We continue to believe that crypto prices are in the late\/final stages of the \u2018mini-crypto winter\u2019 and are tracking the base case outlined by Bitmine\u2019s advisor, Tom DeMark of DeMark Analytics.<\/p>\n According to DeMark, ETH prices in 2026 are tracking the path of the S&P 500 in the fall of 2011 and fall of 1987 closely,\u201d commented Lee.<\/p>\n 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 \u2018mini-crypto winter.\u2019<\/p>\n Consequently, Lee explained that BitMine\u2019s strategy will continue to be to slightly increase its pace of ETH accumulation.<\/p>\n ETH has rebounded in the past few hours after the intense market-wide volatility prompted<\/a> by the developments in the Middle East and now sits inches above the coveted $2,000 level. However, the asset\u2019s breakout attempt from last week was halted at $2,200, and it has been unable to challenge those levels since.<\/p>\n The post Tom Lee\u2019s BitMine Buys Almost 61,000 ETH \u0430s Ethereum Price Eyes $2K<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" 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\u2019s average entry price for its ETH fortune is still well over $3,700 per coin, which […]<\/p>\n","protected":false},"author":0,"featured_media":140769,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-140768","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/140768"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=140768"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/140768\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/140769"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=140768"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=140768"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=140768"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}