Tom Lee: Ethereum reaches its target 77% progress and the "mini encryption winter" is fading

On March 24, Tom Lee, chairman of BitmineImmersion Technologies, said that the "mini encryption winter" affecting Ethereum is coming to an end. The company bought another $139 million worth of Ethereum last week, bringing its position closer to its goal of holding 5% of the total supply of the token. Li said in a statement on Monday that Bitmine has maintained a high buying pace over the past three weeks, with its benchmark expectation that the months-long decline in Ethereum is coming to an end. The crypto market suffered a sharp fall in October last year. Bitcoin fell from a record high of more than $126,000 that month, and Ethereum fell from a high of $4946 in August. Analysts have been debating when the crypto market will see a significant rebound. Li pointed out that a number of positive catalysts indicate that the winter is thawing, such as the progress of the CLARITY Act in Congress and the relative stability of the crypto market amid Iran's recent turmoil. "Many people have noticed that since the outbreak of the conflict in Iran, crypto assets, especially Ethereum, have performed significantly better than the broader market. Ethereum has risen 18%, outperforming the stock market by 2450 basis points." He said. "This is in sharp contrast to the traditional safe-haven asset gold, which has fallen by more than 15% over the same period. Crypto assets are proving themselves to be excellent 'wartime' safe-haven assets." Li added.