sam_dev 
In the context of the cryptocurrency market having just undergone a deep correction, Bitmine continues to draw attention by significantly increasing its Ethereum holdings. Just in the past week, the company purchased an additional 40,613 ETH with an estimated total value of about $81 million, thereby raising its total Ethereum holdings to over 4.3 million ETH, equivalent to approximately $8.6 billion at current market prices. With this scale, Bitmine is controlling about 3.58% of the total circulating supply of Ethereum, becoming one of the largest ETH holders globally.
The move to accumulate more Ethereum comes at a time when ETH has just experienced a sharp price drop from its recent peak, making short-term investor sentiment cautious. However, according to Tom Lee, CEO of Bitmine and also one of the long-standing renowned analysts in the financial market, this is not unusual. He stated that since 2018, Ethereum has experienced a total of 8 declines of about 50% from its recent peak, and notably, such deep declines have appeared at least once a year.
Tom Lee emphasized that in all 8 past instances, after hitting the bottom, ETH prices have recovered in a fairly clear V-shaped pattern. This reflects the cyclical nature of Ethereum as well as the long-term demand from institutions, developers, and the ever-expanding application ecosystem. Based on historical data and the current context, he predicts that a similar recovery scenario is likely to repeat this year, despite the short-term fluctuations that still exist.
