BitMine chairman Tom Lee said he expects Ethereum to enter a supercycle, making the current price an attractive risk vs reward purchase.
BitMine chairman Tom Lee has confirmed the company went on an Ether buying spree after the crypto market saw one of its most significant deleveraging events earlier this month.
“Open interest for ETH sits at the same levels as seen on June 30th of this year, ETH was $2,500, given the expected Supercycle for Ethereum, this price dislocation represents an attractive risk/reward,” he said in a statement on Monday.
BitMine bought up another $250 million Ether (ETH) on Monday from crypto exchanges Bitgo and Kraken, according to blockchain analytics platform Arkham Intelligence.
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