Tom Lee, president of Ethereum monetary administration firm Bitmine, mentioned in an interview with CNBC that at the moment’s market pullback was “to some extent an anticipated correction.”
“The market is up 36% from April’s lows. Right this moment’s decline is the most important in six months. The concern index VIX rose 29% at one level, marking the 51st largest single-day improve in historical past and rating within the prime 1%,” Lee mentioned.
Based on knowledge from on-chain analytics platform Lookonchain, BitMine bought a complete of 41,421 ETH (roughly $158 million) at the moment.
Persevering with his market commentary, Li mentioned, “This decline was anticipated. The market had already rebounded strongly since April. Right this moment’s decline is an efficient shopping for alternative until there are structural modifications.”
“I am unable to say the market has bottomed at the moment, however given the present state of affairs, we are able to count on good returns subsequent week and even subsequent month. If somebody had been to ask me, ‘What is the market going to be like in every week’s time?’ I’d in all probability say larger,” Lee added.
*This isn’t funding recommendation.
