Tom Lee Buys Ethereum With $70 Million Despite Crypto Market Pressure

A few hours after Tom Lee, the chairman of the publicly traded Ethereum treasury company BitMine Immersion Technologies (BMNR), urged the crypto community to continue betting on Ethereum, a massive transfer from the renowned crypto analyst has been identified.

According to data from Arkham Intelligence, a new Ethereum address suspected to belong to Tom Lee withdrew 20,514 ETH, worth about $69.8 million, from FalconX on Thursday, November 6th.

The data further shows that the transfer involved moving funds from the exchange into a self-custody wallet in two separate transactions within an hour.

Tom Lee remains bullish on Ethereum 

The transfer, which has turned heads among market watchers, was suggested to be a sign that the crypto veteran is relentlessly accumulating the leading cryptocurrency for the long term rather than engaging in short-term trading activity.

While Tom Lee had just advised the crypto community to continue betting on Ethereum despite the massive price correction, there are speculations that the veteran crypto analyst is actively executing the same confidence he has been preaching publicly.

Lee, aware that market momentum is fading and investor confidence weakening, has reassured investors that volatility is temporary and that Ethereum remains one of the strongest cryptocurrencies with positive future prospects.

As such, Lee’s latest purchase amid the persisting market turbulence has sparked renewed confidence across the crypto community, with commentators applauding him for the bold move.

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While Ethereum has continued to record massive daily declines over the last week, slipping far below $3,400 as broader market sentiment turns increasingly bearish, investors have continued to exit the market.

However, Lee appears to view the pullback as an opportunity to increase BitMine’s ETH treasury at discounted prices.

As of the time of writing, data from CoinMarketCap shows that Ethereum has retreated to the $3,300 level, plunging notably by 3.96% over the last day.

With this negative price action, not only retail investors have been spotted panic selling their holdings to hedge against further losses, but renowned institutional players like BlackRock have also been seen conducting repeated Ethereum sell-offs.