Tom Lee seems to know something we don’t.
Bitmine Immersion Technologies added 26,659 ETH to their holdings since their last disclosure, so they currently own 5,206,790 ETH in total (with 4,712,917 of it being staked). Their entire assets are now worth ~$13.4B (including 201 BTC and $775M cash).
In essence, ~4.31% of the current total supply of ETH is owned by Bitmine, leaving room for plenty of market manipulation potential.
Personally, I don’t believe Tom Lee would sign off on an insta-dump, but in crypto, corporate holders should always be regarded as cause for concern (Wintermute wallet movements have caused PTSD in plenty of traders, myself included).
Full disclosure, I do not own ETH and I am very unlikely to ever trade it. The only inflationary coin I trust holding and trading is XMR. But plenty of folks in the ETH community have put genuine work (sweat and tears) into the ecosystem, and it would pain me to see them having their bags yoyo-ed more than they already are. Take care out there!
