BitMine buys ETH again, Tom Lee: Progress in US-China trade negotiations is favorable for Ethereum.

Ethereum reserve company BitMine announced another purchase of ETH, bringing its total holdings to 3.31 million Ether, with a total asset value of 1.42 billion USD. Chairman Tom Lee stated that Ethereum is currently in a “super cycle,” with a surge in stablecoin demand and rising volume as fundamentals leading to price increases. After deleveraging, the market will be healthier, which is a very favourable symbol. BMNR surged nearly 8% yesterday, closing at 53.8 USD.

BitMine buys ETH again, total holdings have reached 3.31 million coins.

BitMine revealed its latest cryptocurrency holdings yesterday. As of October 25, BitMine holds assets worth $14.2 billion, including:

3,313,069 pieces of ETH

192 Bitcoins

$88 million worth of Eightco Holdings stock (ORBS)

350 million US dollars of undistributed cash

BitMine Chairman Tom Lee stated:

“The progress of the US-China trade negotiations is favourable information for Ethereum and the cryptocurrency market as a whole. Although the fundamentals of Ethereum and cryptocurrencies are not related to the stock market, Fundstrat's research shows that over the past 15 years, ETH has performed better when cryptocurrencies rise in the stock market.”

Ethereum is in a “super cycle”, BitMine is increasing its position on dips.

Tom Lee believes that Ethereum is currently in a “super cycle.” In a recent interview with CNBC, he stated that although cryptocurrencies faced the worst liquidation event in history not long ago, activities on L1/L2 are still increasing. The fundamental factors, such as the surge in stablecoin demand and rising trading volume, have preceded the price pump. After the deleveraging, the market will be healthier, which is a very favourable symbol.

BitMine has also increased its purchases of Ether during the recent market correction, with the quantities bought each week as follows:

10/27: 77,055 ETH

10/20: 203,826 Ether

10/13: 202,037 ETH coins

10/6: 179,251 ETH

It can be seen that they took the opportunity to bottom out during the market crash.

BMNR rises strongly by 6.55%

Tom Lee is optimistic about the stock market and the trends of Bitcoin and Ethereum in the long term. According to his estimate, ETH is expected to challenge $10,000 by the end of the year, with a target price of $60,000 by 2030.

BitMine's stock price surged 6.55% yesterday, closing at 53.71 USD.

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