Ether Soars 7.46% as US Inflation Meets Expectations
The price of Ether surged after the release of US inflation data on September 11. According to Cointribune, Ether jumped 7.46% to $2619, marking a weekly gain of 6.62%. This rebound came as investors had been cautious in the preceding sessions.
Tom Lee, co-founder of Fundstrat and chairman of BitMine, believes that a less bad outcome can trigger a significant rise in risky assets. However, his projection is not specific to Ethereum, but rather concerns stocks and cryptos broadly.
BitMine, which holds 5.93 million ETH (4.9% of the supply), has been staking 5.07 million ETH and continues its weekly purchases. The company's annualized revenue from this operation is estimated at $330 million based on a yield of 2.61%. This amount remains sensitive to the crypto price and network yield progression.