BitMine buys nearly $98M in ETH as year-end selling weighs on prices: Tom Lee

💡 DMK Insight

BitMine’s addition of 32,938 ETH is a significant move, especially with year-end tax-loss selling in play. This influx comes at a time when ETH is trading around $2,984.13, and low holiday liquidity could exacerbate price volatility. Traders should be cautious as this selling pressure could push ETH lower, particularly if it breaks below key support levels. Historically, tax-loss selling has led to short-term price declines, and with the holiday season typically seeing reduced trading volumes, the potential for sharp moves increases. On the flip side, if ETH manages to hold above $2,900, it could set the stage for a rebound as buyers step in post-holiday. Keep an eye on the $2,900 support level and watch for any shifts in trading volume that could signal a reversal or continuation of the current trend.