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Bitmine Buys 12,532 More ETH as Tom Lee’s Buying ‘Stop’ Draws Closer

BenzingaParshwa Turakhiya

Bitmine buys 12,532 Ethereum, nearing its 5% supply target as Tom Lee predicts crypto’s biggest bull cycle yet.

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  1. The Motley FoolDominic Basulto

    The World's Biggest Ethereum Treasury Company Will Stop Buying ETH Soon. That's Why I'm Bearish on Ethereum Right Now.

    Bitmine Immersion Technologies, which holds 4.9% of all Ethereum in circulation ($15.5 billion), plans to stop buying ETH once it reaches the 5% threshold. The author argues this is bearish for Ethereum because Bitmine has been the most persistent buyer over the past 12 months, employing a dollar-cost averaging strategy. With this major demand source disappearing and shifting to yield maximization strategies instead, Ethereum investors may face reduced price support.