BitMine Buys 53K ETH as Lee Forecasts Institutional Crypto Accumulation
Ethereum's price has been consolidating after its recent rally, retesting the $2,431 support level.
BitMine Immersion Technologies (BMNR), a treasury firm, has continued to buy Ethereum, acquiring 53,501 ETH last week, its largest weekly purchase since June. This brings BitMine's stack to 5.901 million ETH worth approximately $14.63 billion at the time of writing.
BitMine Chairman Thomas Lee predicts increased institutional accumulation in Q3 due to Ethereum's substantial outperformance versus other macro assets.