Tom Lee, President of Ethereum treasury administration agency BitMine, informed CNBC in an interview that right this moment’s market pullback was “a correction that was to be anticipated up to a degree.”
“The market is up 36% because the April lows. Right now’s decline is the most important in six months. The VIX, the concern index, was up 29% at one level, marking the 51st-largest single-day transfer in historical past and coming into the highest 1%,” Lee stated.
Based on knowledge from on-chain analytics platform Lookonchain, BitMine bought a complete of 41,421 ETH (roughly $158 million) right this moment.
Persevering with his market commentary, Lee stated, “This decline was anticipated. The market had already rallied strongly since April. Right now’s decline presents a great shopping for alternative so long as there aren’t any structural modifications.”
“I would not say the market bottomed right this moment, however the present scenario guarantees good returns for the following week or month. If somebody have been to ask me ‘what is going to the market be like in per week’s time?’ I might most likely say larger,” Lee added.
*This isn’t funding recommendation.
