Tom Lee: 4.21% of ETH Accumulated in 10 Months, Recent Buying Accelerated Due to Market Bearish End Expectations

On April 27, Thomas ‘Tom’ Lee, Chairman of Bitmine, stated that the amount of ETH held by Bitmine has surpassed 5 million coins. This marks an important milestone for the company as it aims to reach a total ETH holding of 5%, achieving this goal in just 10 months. Currently, Bitmine holds 4.21% of the total ETH supply (120.7 million coins). Over the past four weeks, Bitmine has been accelerating its accumulation of ETH, as the company’s fundamental expectation is that ETH is in the final stage of a ‘mini cryptocurrency winter.’ Several recent research reports, including the latest from Etherealize, indicate that Ethereum (ETH) is a ‘store of value’ and will be used as collateral as digital assets become increasingly utilized in financial transactions. The strong performance of Ethereum since the outbreak of the Iran war undoubtedly underscores its new role. Since the war began, Ethereum has outperformed the S&P 500 index by 1696 basis points and remains the best-performing single asset globally (excluding crude oil prices). Additionally, Ethereum continues to benefit from two major positive factors: Wall Street’s tokenization on blockchain and the growing demand for public and neutral blockchains from artificial intelligence systems. In our view, Ethereum becoming the best ‘wartime store of value’ and maintaining its leading position since the war began is of significant importance.