Prominent Ethereum advocate Tom Lee shares his views following the recent market decline.

Market Pullback and Expectations

BitMine's President, Tom Lee, characterized the recent market pullback as an anticipated correction. The market has risen 36% since April, leading to today's significant decline, the largest in six months. The VIX, a measure of market fear, experienced a substantial increase, marking a historically significant move. Lee emphasized that this decline was foreseeable given the prior rally.

BitMine's Recent Ethereum Purchases

BitMine made considerable investments in Ethereum today, acquiring 41,421 ETH, valued at roughly $158 million. Data from Lookonchain confirmed these substantial purchases within the current market conditions. The firm’s actions suggest a strategic response to the recent market movement. This activity indicates confidence in Ethereum’s future prospects.

Future Market Outlook

Despite the recent volatility, Lee anticipates positive returns for the next week or month. He doesn’t believe the market has reached its lowest point currently. Lee suggests that a potential market increase is likely in the coming week. He remains optimistic about the overall market trajectory.