While reviewing yesterday’s on-chain data, I noticed something interesting: Bitmain has been steadily continuing to buy since Ethereum’s crash last October. Apparently, within a single month, it acquired nearly 380,000 ETH in three separate purchases—quite an aggressive move. Based on the prices at the time, it was a purchase worth about $1.5 billion, and given that the current ETH price is around $2,330, it looks like the judgment made during the Ethereum crash was correct. As Tom Lee also said in his CNBC interview, although the market is still recovering from the shock, from a long-term perspective this is more likely to be a short-term correction. It seems the Ethereum crash was not so much a technical bearish signal, but rather a temporary phenomenon caused by leverage liquidations. Seeing such active buying by a large fund makes me think the bottom may have already been reached.