Bitmine has completed approximately 77% of its Ethereum reserve target, Tom Lee says "crypto winter" is nearing its end

Deep Tide TechFlow News, March 24 — According to Cointelegraph, Tom Lee, Chairman of Ethereum treasury company Bitmine Immersion Technologies, stated that Bitmine has maintained a strong buying pace over the past three weeks, with the baseline expectation that the ongoing downward trend of ETH will soon end. He pointed out that the progress of the CLARITY bill in Congress and the relative stability of the crypto market during the turmoil in Iran are positive signals of a “winter thaw.” Tom Lee also mentioned that since the outbreak of the conflict in Iran, ETH has risen about 18%, outperforming the stock market by approximately 2,450 basis points, while gold has fallen over 15% during the same period. Cryptocurrencies are demonstrating a “wartime” store of value.

Earlier reports indicate that last week, Bitmine Immersion Technologies bought an additional 65,341 ETH, costing about $139 million, bringing its total holdings to over 4.6 million ETH, approximately 3.86% of the current circulating supply (12.06 million ETH). This represents about 77% of its target holding (5% of the circulating supply).