Tom Lee Says Crypto Is '2 Days Past the Bottom' as Bitmine Nears 5% Ether Cap
- —Bitmine bought 12,500 ETH for $33.65 million, raising its stake to 4.9% of supply
- —About 76,000 ETH (~$200 million) remains before the company's hard 5% cap
- —Bitcoin fell from $86,590 to $83,790 in 20 minutes, with $412.6 million in longs liquidated
- —US spot ether ETFs saw $201.89 million in outflows on Oct. 6, while bitcoin ETFs took in $118.8 million
Why it matters: Once Bitmine hits its 5% cap, ether loses one of its most reliable large buyers, removing a steady source of demand.
Source: Bitcoin.com
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