Tom Lee Claims ‘Bots’ To Blame For Ethereum Price Fall as BitMine Buys More ETH Under $3,000

Core Insights - BitMine has continued to accumulate Ethereum despite recent price weakness, adding 44,463 ETH tokens as of December 28, 2023 [1][2][7] - The firm now holds approximately 4.11 million ETH, valued at $2,948 per token, representing about 3.4% of Ethereum's circulating supply [2][3] - Tom Lee attributes the recent price decline to year-end tax-related selling and automated trading systems, which are more influential during the holiday season [4][5][7] Market Conditions - Market activity typically slows during the final holiday weeks, with institutional investors stepping back, leading to increased influence from automated trading and tax-loss selling [4][5] - The price of Ethereum was trading below $2,971, showing an increase of almost 5% over the last 30 days [6] Company Holdings - BitMine's total crypto holdings, cash, and strategic investments amount to $13.2 billion, making it the largest Ethereum treasury globally [3] Analyst Perspectives - Analysts express concerns about Ethereum's vulnerability to further price declines, citing rising exchange reserves as a significant risk factor [8]