Bitmine Immersion Technologies (NYSE:BMNR) purchased 71,179 ETH last week, bringing total holdings to 4.73 million ETH worth $9.8 billion as Chairman Tom Lee called crypto a “good wartime store of value” amid the Iran conflict.
The Wartime Outperformance
Bitmine accelerated its weekly purchase pace from an average of 45,000-50,000 ETH to 71,179 ETH, betting that Ethereum (CRYPTO: ETH) is in the final stages of a “mini-crypto winter.”
“As the Iran war enters its 5th week, ETH and crypto outperformed the broader market with ETH outperforming equities by 1,160 basis points,” Lee said.
“This is a marked contrast to Gold (a traditional store of value), which has underperformed by more than 750 basis points,” he added.
He noted that the inverse correlation …Full story available on Benzinga.com
Will XRP Price Drop to $0.75 Before Recovery?
...
Read moreDetails
