ChainThink report, March 24: According to Cointelegraph, Tom Lee, Chairman of Bitmine Immersion Technologies, an Ethereum treasury company, stated that Bitmine has maintained a high buying pace over the past three weeks, with its baseline expectation being that ETH's prolonged downward trend is about to end.

Tom Lee pointed out that the advancement of the CLARITY bill in Congress, coupled with the relative stability demonstrated by the crypto market amid escalating tensions in Iran, are positive signals indicating "the thawing of winter." He noted that since the outbreak of hostilities in Iran, ETH has risen approximately 18%, outperforming the stock market by around 245 basis points, while gold declined by more than 15% during the same period—highlighting crypto assets' emerging role as a store of value during times of geopolitical stress.

Earlier reports indicated that Bitmine purchased an additional 65,341 ETH last week at a cost of approximately $139 million, increasing its total holdings to over 4.6 million ETH—representing about 3.86% of ETH’s current circulating supply (120.6 million), or roughly 77% of its target holding level (5% of circulating supply).