TechFlow News, May 11: Tom Lee, Chairman of BitMine, stated that ETH is currently trading above $2,100. If it closes the month above this level, it would mark an unprecedented three-month consecutive rally during the crypto bear market—serving as a confirmation signal that the “crypto spring” has officially arrived. He also noted that ETH’s price movement is highly correlated with software stocks, which have risen in tandem over recent months; the recovery of software stocks further validates this assessment.
Lee explained that the company has decided to proactively slow its weekly ETH accumulation pace—from over 100,000 ETH per week—because, at the original pace, BitMine would reach its target of holding 5% of ETH’s total supply by mid-July, ahead of its initial plan to achieve this goal by the end of 2026. He added that since 2026, BitMine has accumulated over 1 million ETH, representing a removal of 4.3% of ETH’s circulating supply starting from June 2025—rendering ETH supply deflationary since June 2025.
