Tom Lee believes Ethereum’s price is dropping due to “window dressing.” Still, his company BitMine continues accumulating, adding 27,084 ETH▲$1,617.40 this week.
BitMine Immersion Technologies acquired 27,084 ETH over the past week for roughly $43M. The average purchase price was $1,569 per coin.
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Total reserves have reached 5.7 million tokens, representing 4.7% of Ethereum’s (ETH) circulating supply. BitMine is closing in on its goal of owning 5% of all ether.
Tom Lee on Why Ethereum Is Falling
BitMine chairman Thomas Lee linked ETH’s 6% weekly drop to “window dressing“–fund managers selling underperforming assets before quarter-end to present a cleaner portfolio to clients.
“June is coming to a close, and it’s not surprising to see traditional position squaring for reporting purposes,” Lee said.
He emphasized that the long-term outlook remains positive. Wall Street is moving infrastructure onto crypto rails, and AI agents will use blockchain for payments.
Against this backdrop, ETH is closing its third consecutive quarterly loss, down nearly 22% on the month. At the time of publication, Ethereum trades at approximately $1,590, up slightly by just under 1% over the past 24 hours. The decline over 14 days has exceeded 10%.
Bitcoin (BTC) is down almost 20%. At the time of publication, the cryptocurrency trades at $59,400. Over the past 24 hours, BTC▲$60,164.00 has fallen 1%, and over the past week, it is down 5.5%.
Read more: Ethereum to $100K? Tom Lee’s Bullish ETH Forecast Sparks Massive Debate: Genius Call or Pure Hype?
What’s Happening With Other Crypto Titans
On June 29, Michael Saylor’s Strategy approved a “managed” bitcoin sale plan to stabilize its equity base. Bitmine viewed the change positively, noting that building a 26-month financial buffer would strengthen investor confidence.
“If bitcoin were trading at $100K, no one would be asking questions. Historical data since 2009 shows that on a three-year horizon, BTC posts negative returns less than 0.8% of the time. The reserve buffer will let Strategy weather market storms without panic selling,” Bitmine said.
Meanwhile, SharpLink, the second-largest public ETH holder, returned to accumulation after an eight-month pause. On June 26 and 29, the company bought 5K ETH and 39,196 ETH respectively, spending more than $62M. That exceeds Bitmine’s purchases over the same period, though the gap between the companies remains significant: SharpLink holds 876,285 ETH, about 0.7% of total supply.
Learn more: Ethereum Market Update — ETF Outflows Continue as ETH Fights to Hold the $2,000 Psychological Level
