Bitmine Chairman Tom Lee tied Ethereum’s (ETH) 8% weekly drop to the quarter-quarter window, as the currency capped its three-month losing streak.
The official made this comment when Bitmine said that 5,700,040 ETH is worth 9 billion dollars.
Lee Frames ETH Drop as Quarter-End Window Dressing
Window dressing refers to fund managers who sell underperforming positions before the final report deadline. This practice allows them to present portfolios with minimal loss positions to clients, although it does not improve performance or returns.
Lee introduced this term when explaining Ethereum’s recent slide.
“The last week was difficult for crypto investors as ETH fell by 8%… we are approaching the end of the June quarter, and it is not surprising to see ‘window dressing’ that causes investors to reduce their holdings in the products that have fallen in the last 3 months,” he said. he said.
The decrease corresponds to a large decrease. Ethereum is down about 22% in the last month, it continues Bitcoin (BTC) loss 19%.. It is also on the third road respectively red quarter.
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Treasury Continues Buying As ETH Trades Below Price
Despite this, Bitmine continued to rally due to weakness. The company acquired 27,084 ETH last week.
His share now corresponds to 4.7% of 120.7 million ETH, or 94% of the “Alchemy of 5%” target.
“The future map of crypto remains positive as the two drivers of Wall Street are restructuring the infrastructure established for the crypto rail system and the future of agent-AI payment methods in the crypto system is not bright. Bitmine is focused on the long term and continues to manage the company to be good for these drivers,” added Lee.
Meanwhile, Ethereum’s second owner, SharpLink, has resumed shopping. The company resumed stockpiling after an eight-month hiatus.
According to Lookonchain imageshas earned 39,196 ETH. Despite the new purchase, SharpLink still has an unexpected loss of about $1.7 billion, with a purchase price of about $3,609 per ETH.
The new purchases reflect interest among major shareholders even as prices remain below their entry points. Whether the end-of-quarter report shows a turnaround or more weakness it will be clear in July.
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A note Tom Lee Ties Ethereum Selloff to Quarter-End Window Dressing appeared for the first time BeInCrypto.
