TREE NEWS reports: Bitmine chairman Tom Lee said the company’s ETH holdings have surpassed 6 million tokens, accumulated in under 15 months and equal to nearly 5% of ETH’s total supply. Lee said a new crypto bull market began at the end of June, and that institutions remain underweight crypto and are expected to add exposure in the final months of 2026. ETH has outperformed other macro assets by 6,728 basis points quarter-to-date.
Tom Lee: Crypto Bull Market Began in Late June, Bitmine ETH Holdings Top 6M
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AI take
The scale of Bitmine's accumulation — nearly 5% of ETH's supply in under 15 months — makes it a structural holder rather than a trading vehicle, and that concentration is the real story behind Lee's bull-market call. His claim that institutions remain underweight matters more than the timing assertion, since it frames future flows as catch-up rather than conviction. The open question is whether that underweight positioning actually converts into exposure, or whether ETH's quarter-to-date outperformance simply reflects the same narrow set of buyers.
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