Tom Lee "Ethereum shows signs of entering a supercycle… buying opportunity"

Ethereum (ETH) has been claimed to be entering a supercycle.

On the 21st (Korean time), according to crypto media Cointelegraph, Tom Lee, chairman of Bitmine, said, "Ethereum's open interest has returned to the level it was on June 30," and "at that time Ethereum's price was $2,500, and considering a supercycle, the current price gap presents an attractive risk-reward structure for buyers."

Earlier, Lee predicted on a podcast that "Ethereum will reach $10,000 within this year."

Along with Lee's prediction, Bitmine began large-scale accumulation of Ethereum. According to Arkham, Bitmine additionally bought $250 million worth of Ethereum on BitGo and Kraken exchanges that day. With this purchase, Bitmine's Ethereum holdings increased to a total of 3.3 million (about $13 billion), accounting for 2.74% of the total supply. The company has set a goal of acquiring 5% of the total supply in the future.

Meanwhile, on the 20th (local time) Bitmine closed at $53.80 on the Amex exchange, up 7.92% from the previous day.