“Over the past week, we acquired 26,497 ETH,”Bitmine Immersion Technologies Chair, Tom Lee,saidin a statement on Monday.
“In our view, ETH prices are not reflecting the strengthening of Ethereum fundamentals, but then again,this is not surprising given we are in the early stages of crypto spring.”
As CoinTelegraph reports,Bitmine is the largest Ether treasury companywith 5.4 million ETH worth more than $10.5 billion.
It had slowedits pace of buying earlier this monthafter scooping up more than 100,000 Ether a week for three straight weeks.
LeetoldCNBC on Monday that there isdisappointment in crypto at the moment because it hasn’t moved while other sectors like software are rallying, but argued that it “always happens at the end of crypto winter.”
Lee argued that the thesis for Bitcoin and Ethereum that he believes in still stands; that they arelikely to be the future of money, despite the short-term price downturn across the market and somelong-term holders and whales selling.
“As AI systems evolve, we’re now talking about using commerce and operating websites, you need decentralized identity and verification, and that’s really what crypto does,” he said.
“We know Wall Street wants to go toward tokenization; it’s a vast improvement in efficiency of how money actually moves, and it’s an innovation. That only happens on Bitcoin, Ethereum and other smart contracts. The future isn’t changed.”
Meanwhile, Bitcoin has tumbled to two-month lows, dramatically diverging from traditional equity markets' recent surge...
Andri Fauzan Adziima, research lead at Bitrue Research Institute,told Cointelegraphthat some analysts have noted that Bitcoin is the only major assetin contractionright now, and the divergence is notable.
Source: ZeroHedge News
