9 hour ago
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Bitmine Purchases 29,462 ETH Worth $88M Amid Market Volatility
Key Points:
- Bitmine Immersion, led by Tom Lee, increased its Ethereum holdings by purchasing 42,874 ETH worth $128.7 million over two days.
- The recent acquisition brings Bitmine's total Ethereum holdings to over 4.06 million ETH, with their total crypto and cash assets valued at more than $13.2 billion.
- The Ethereum market has been volatile, with prices falling from $3,400 to $2,780 before slightly recovering to $2,960.
- Ethereum ETFs in the US saw a net inflow of $84.6 million on December 22, marking the first inflow after seven consecutive outflows.
- In contrast, Bitcoin ETFs recorded $142.2 million in net outflows on the same day.
- Retail investor sentiment remains negative as smaller wallets are selling more than larger holders, despite institutional interest.
- Tom Lee predicts Ethereum could reach $62,000, though this prediction has faced skepticism from industry analysts.