BitMine’s Ethereum Purchases Impact Exchange Liquidity, Fueling Bullish Predictions

Ethereum is experiencing significant price growth, reaching a new record high above $4,500. Tom Lee, managing partner of Fundstrat and chairman of BitMine, predicts ETH could reach $5,500 within weeks and potentially soar to $10,000-$12,000 by year-end. This bullish prediction is based on the growing demand from institutional investors and a tighter circulating supply of Ethereum across various markets. 95,800 ETH transferred from BitGo, increasing BitMine’s holdings substantially. Publicly traded accounts are also accumulating vast amounts of ETH; treasury holdings collectively hold over 3.3 million ETH, contributing to reduced exchange liquidity.