Ether (ETH) traded below $2,100 on Nov. 10 as Bitmine Immersion Technologies, Inc. Chairman Tom Lee laid out a longer-term case for crypto against a backdrop of U.S. spot Ether fund outflows.
CoinGecko showed ETH at $2,073.82 at about 10 a.m. ET (15:00 UTC) on Nov. 10. In a Nov. 10 post, Lee described a bullish outlook for the broader crypto market over the next 24 to 36 months but offered no ETH price target.
Lee sees the crypto bull market as young and believes investment capital remains available despite enthusiasm for artificial intelligence. He also expects much tokenization to take place on Ethereum and cited Ethereum co-founder Vitalik Buterin’s case for ETH as a store of value.
In a Nov. 8 post, Buterin argued that treating ETH as a store of value better fits Ethereum’s emphasis on decentralization than making transaction fee burns the basis of its value. He supported retaining the fee burn mechanism.
Bitmine has a direct financial interest in ETH’s performance. In a Nov. 9 release filed with the SEC, the company reported holding 6,070,092 ETH as of 2 p.m. ET on Nov. 8, equal to 4.97% of the 122.2 million ETH supply figure it used. Bitmine said 5,227,037 ETH was staked as of Nov. 8, earning it staking rewards. Changes in ETH prices and staking returns affect the company’s holdings and income.
CryptoQuant analyst PelinayPA estimated that 36.32% of ETH supply was staked but cautioned that staked ETH can be withdrawn.
Farside Investors’ table showed a third straight negative daily total for U.S. spot Ether funds, with $184.6 million in net outflows on Nov. 9. The figures measure flows through those funds, not demand for Ether across the whole market. Farside’s Nov. 10 row was still pending when checked.
