Ethereum news: Tom Lee says Bitmine to soon stop buying ETH
Summary
Bitmine chairman Tom Lee said the company will stop buying ether once its holdings reach 5% of circulating supply. Bitmine currently holds 6.02 million ETH, about 4.9% of supply, after buying $41 million last week; at its recent pace, it could reach the target in six to seven weeks. The stake is worth about $15.5 billion, but carries an estimated $4.5 billion in unrealized losses. Ending purchases would remove a steady source of ETH demand as the token faces broader market weakness and recent price declines.
