Bitmine Ethereum Holdings Surpass 4M — Can ETH Price Surge to Tom Lee’s $62,000 Prediction?

Key Takeaways

• Bitmine has surpassed 4 cardinal ETH successful holdings aft adding astir 99,000 ether successful 1 week.

• Tom Lee predicts Ethereum to scope arsenic precocious arsenic $62,000.

• Despite bullish narratives, on-chain and method indicators suggest sellers stay dominant.

Bitmine, the world’s largest firm holder of Ethereum, has accrued its Ethereum holdings beyond 4 cardinal tokens pursuing its latest purchase.

The institution present holds 4,066,062 ether, worthy implicit $12 cardinal astatine existent marketplace prices, according to institution disclosures.

Tom Lee, president of Bitmine, has remained heavy bullish connected Ethereum’s semipermanent price, precocious predicting it could surge arsenic precocious arsenic $62,000 — but is it possible?

According to on-chain analytics steadfast Lookonchain, Bitmine’s astir caller acquisition connected Dec. 22 saw the institution get 13,412 ETH for astir $40.6 million.

Over the past week, Bitmine added 98,852 ether to its equilibrium sheet, bringing its full holdings to 4,066,062 ETH.

The institution said the tokens were acquired astatine an mean terms of $2,991 per ether.

“Bitmine continues to adhd steadily to its ETH holdings, adding 98,852 ETH successful the past week, and Bitmine holdings present transcend the important 4 cardinal ETH tokens,” Lee said successful a statement.

Bitmine began accumulating Ethereum successful June and has go the largest firm holder of the plus successful little than six months.

“We are making accelerated advancement towards the ‘alchemy of 5%’ and we are already seeing the synergies borne from our important ETH holdings,” Lee said.

At the opening of the month, Lee said Ethereum was positioned to payment from tokenization and was presently “grossly undervalued.”

“Ethereum this twelvemonth is having its 1971 moment,” Lee said, comparing the existent modulation to the extremity of the golden modular for the U.S. dollar.

He added that Ethereum astatine $3,000 was “grossly undervalued.”

Lee said that if Ethereum returns to its semipermanent mean valuation comparative to Bitcoin, its terms could scope astir $12,000.

In a higher-ratio scenario, helium said Ethereum trading astatine 0.25 comparative to Bitcoin would spot a terms adjacent $62,000.

With Bitmine making advancement toward accumulating 5% of the full Ethereum supply, CCN asked ChatGPT and Grok whether Lee’s bullish terms predictions could go reality.

When asked to measure Ethereum’s outlook, OpenAI’s ChatGPT highlighted the asset’s structural advantages.