Tom Lee, president of Ethereum financial management company Bitmine, said in an interview with CNBC that today's market pullback was “to some extent an expected correction.”
“The market is up 36% from April's lows. Today's decline is the largest in six months. The fear index VIX rose 29% at one point, marking the 51st largest single-day increase in history and ranking in the top 1%,” Lee said.
According to data from on-chain analytics platform Lookonchain, BitMine purchased a total of 41,421 ETH (approximately $158 million) today.
Continuing his market commentary, Li said, “This decline was expected. The market had already rebounded strongly since April. Today's decline is a good buying opportunity unless there are structural changes.”
“I can't say the market has bottomed out today, but given the current situation, we can expect good returns next week or even next month. If someone were to ask me, 'What's the market going to be like in a week's time?' I would probably say higher,” Lee added.
*This is not investment advice.
