Tom Lee, managing partner at Fundstrat Global Advisors, expects Ethereum to reach $5,500 within the next few weeks and rise to $10,000–$12,000 by the end of the year.
Meanwhile, the accumulation of BitMine of hundreds of thousands of ETH and the increasing 'supply pressure' in the market has raised concerns. This has led investors to wonder if a major ETH breakout is imminent. #Ethereum
Two main factors. First, institutional buying power is increasingly growing (via ETFs, staking operations, and corporate treasuries). Second, the supply structure of Ethereum is tightening.
On an institutional level, BitMine appears as one of the most aggressive accumulators of ETH. Data reveals that BitGo transferred 95,800 ETH from its custody wallet to six new wallets suspected to be linked to BitMine.
With this volume, BitMine has rapidly boosted its Ethereum holdings to billions of dollars, becoming the largest ETH treasury in the world.
Currently, ETH shows signs of a pullback after recently breaking its all-time high. At the time of writing this report, the data shows trading $ETH
At $4,572.14, up 3.92% in the last 24 hours
