Crypto
Ethereum Leads Macro Assets as Institutional Interest Grows
BitMine Immersion Technologies' CEO Tom Lee has called Ethereum (ETH) the leader among macro assets for this quarter. According to him, as of last Friday, ETH was ahead of the S&P 500 index by 54.3 percentage points since June 30.
The strong performance of Ethereum in the current quarter could prompt institutional players to make new cryptocurrency purchases, Lee believes. BitMine has reserved about 5.9 million Ethereum tokens, with an unrealized loss on position exceeding $5 billion.
Despite the current market price of ETH being below the company's average purchase price, BitMine continued to increase its position over the past week. The company bought another 28,086 ETH, bringing its reserves to about 5.9 million tokens.