BitMine Immersion Technologies has recently acquired an additional 23,773 Ether amidst the ongoing market downturn, while its chairman, Tom Lee, has revised his prediction for Bitcoin’s future performance.
On Monday, BitMine procured 7,080 Ether (ETH) for nearly $19.8 million, as noted in a post by the crypto analytics platform Lookonchain. This follows another significant purchase of 16,693 ETH on Saturday for about $50.1 million, resulting in nearly $70 million in investments over three days.
BitMine Ether Acquisition
Source: Lookonchain
BitMine now holds more than $10 billion in Ether, aiming for 5% of the overall supply, although it currently experiences losses with an average buy price of $3,008 per token.
Tom Lee Adjusts Bitcoin Forecast
Previously, Lee had predicted Bitcoin (BTC) would achieve an all-time high (ATH) of $250,000 by the end of 2025; however, he tempered this last week by suggesting it might only reach this mark by year’s end. He further speculated in a CNBC interview that Bitcoin may set a new ATH by January, contingent upon market recovery.
“I do think Bitcoin can make an all-time high by the end of January,” he remarked, attributing potential recovery to broader market conditions.
Meanwhile, Jeff Dorman, Chief Investment Officer of Arca, remarked that there is no clear reason for the recent dips in the crypto market, pointing to robust fundamentals across various sectors.
“Wall Street is seeing all of the same bullish signs… record earnings, AI demand still incredibly strong,” Dorman stated, adding that liquidity challenges may be affecting institutional entry into the crypto space.
