TechFlow News, March 24: According to a Cointelegraph report, Tom Lee, Chairman of Ethereum treasury company Bitmine Immersion Technologies, stated that Bitmine has maintained a high buying pace over the past three weeks, with its baseline expectation being that Ethereum’s multi-month downward trend is about to end. He pointed out that the advancement of the CLARITY Act in Congress and the relative stability demonstrated by the crypto market amid geopolitical turmoil in Iran are positive signals indicating the “thawing of winter.” Tom Lee also noted that since the outbreak of hostilities in Iran, ETH has risen approximately 18%, outperforming the stock market by roughly 2,450 basis points, while gold fell more than 15% during the same period—highlighting cryptocurrencies’ emerging “wartime” store-of-value attributes.
Earlier reports indicated that Bitmine Immersion Technologies purchased an additional 65,341 ETH last week for approximately $139 million, bringing its total holdings to over 4.6 million ETH—roughly 3.86% of ETH’s current circulating supply (120.6 million ETH)—and achieving approximately 77% of its target holding level (5% of circulating supply).
