Tom Lee: Ethereum Reaches 77% of Target Progress, "Mini Crypto Winter" Is Fading

Golden Finance reports that on March 24, Tom Lee, Chairman of Bitmine Immersion Technologies, stated that the “mini crypto winter” affecting Ethereum is about to end. The company repurchased $139 million worth of Ethereum last week, bringing its holdings closer to the goal of owning 5% of the total supply of the token.
In a statement on Monday, Lee said that over the past three weeks, Bitmine has maintained a high buying pace, with the baseline expectation that the prolonged decline of Ethereum will soon come to an end.
Last October, the crypto market experienced a sharp decline, with Bitcoin dropping from a historic high of over $126,000 in that month, and Ethereum falling from its August high of $4,946. Analysts have been debating when the crypto market will see a significant rebound.
Lee pointed out that several positive catalysts indicate the winter is thawing, such as progress on the CLARITY Act in Congress and the relative stability of the crypto market amid recent turmoil in Iran.
“Many have noticed that since the outbreak of the Iran conflict, crypto assets, especially Ethereum, have performed significantly better than the broader market, with Ethereum rising 18%, outperforming stocks by 2,450 basis points,” he said.
“This is in stark contrast to traditional safe-haven assets like gold, which has fallen over 15% during the same period. Crypto assets are proving to be excellent ‘wartime’ safe havens,” Lee added.