Tom Lee Sees Institutions Buying Crypto After Ethereum's Q3 Run
BitMine Immersion Technologies' chairman Tom Lee is optimistic about institutions buying crypto after Ethereum's strong Q3 performance. According to him, ETH has been the best-performing macro asset during this quarter, outperforming the S&P 500 by 5,430 basis points as of last Friday.
In a recent weekly update, Lee tied this run directly to institutional demand and believes it sets the stage for institutions to add to their crypto holdings. He pointed out that crypto has substantially outperformed other macro assets in Q3 so far.
BitMine holds 5.9 million Ethereum tokens, which are valued at $15.7 billion as of September 7. However, these tokens are currently underwater due to the firm's purchase cost being higher than their current value. Lee estimates that the unrealized losses stand at roughly $5 billion.