Bitmine Buys 52K ETH as Tom Lee Believes the Best Years for Crypto Are Still Ahead
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In crypto markets Bitmine, chaired by Tom Lee, spent about $90 million to acquire 52,203 ETH over the past week despite rough conditions and repeated rejections at key price levels. The aggressive buying underscores continued bullish conviction in Ethereum and could affect token performance and market impact, even though Bitmine's ETH position remains billions of dollars underwater.
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The rough market conditions and the global uncertainty have failed to faze the Tom Lee-chaired Ethereum buying machine, as Bitmine has spent approximately $90 million to acquire 52,203 ETH over the past week.
Lee remains highly bullish on the industry, despite the repeated rejections at key price levels and the fact that Bitmine is still billions of dollars in the red on its ETH position.
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