V God is selling, Tom Lee is buying! BitMine is accumulating over 50,000 ETH: The three main fundamentals will support the market going forward

V神 sold 8,651 ETH in February, but Tom Lee-led BitMine bought over 50,000 ETH on the dip. Lee is optimistic about the three fundamentals: asset tokenization, AI trading, and creator economy. Despite a five-week consecutive net outflow in the overall crypto ETPs,

V神 reduces holdings, BitMine makes a contrarian buy of over 50,000 ETH

Ethereum co-founder Vitalik Buterin continued selling ETH in February, selling a total of 8,651 ETH from early February to February 23, cashing out about $18 million. Meanwhile, led by Wall Street analyst Tom Lee, the ETH reserve company BitMine chose to increase its holdings.

According to an official press release, BitMine bought a total of 51,162 ETH last week, bringing its total ETH holdings to 4,422,659, accounting for 3.66% of the total supply, continuing toward the goal of acquiring 5% of the total ETH supply.

• Related report: Ethereum drops below $1,500 with a 76% probability! V神 sold about $18 million in February, aligning with foundation policies and funding projects

Tom Lee sees the dip as a buying opportunity, supported by three key fundamentals

Although the recent crypto market has been sluggish, with ETH falling below $1,900, Tom Lee still considers this a minor crypto winter, and believes BitMine will focus on executing its financial strategy steadily, continuously buying ETH and optimizing asset yields.

He believes that the recent decline in ETH prices presents an attractive investment opportunity, as current prices do not fully reflect ETH’s high utility and its future role in the financial system.

According to Tom Lee, while the crypto market is still searching for a bottom, ETH’s fundamentals are being supported and strengthened by three main drivers:

1. Increasing demand from Wall Street for asset tokenization
2. Growing need for AI agents and blockchain-based execution of transactions and payments
3. Emerging creator economy eager to develop with blockchain verification

Meanwhile, BitMine’s stock price has plummeted 61.25% over the past six months, and its net asset value multiple (mNAV, enterprise market cap / crypto holdings value) is currently at 1.07, with about $690 million in cash reserves.

Image source: Google BitMine’s stock price has fallen 61.25% over the past six months

Low investor sentiment, crypto ETPs outflow for five consecutive weeks

Although some institutions are actively accumulating ETH, overall market sentiment remains weak. According to the latest fund flow report from digital asset management firm CoinShares, institutional digital asset investment products (ETPs) continued to be sluggish, with $288 million flowing out last week, marking the fifth consecutive week of net outflows.

CoinShares analysts note that the total outflow over five weeks has reached $4 billion, still below last year’s $6 billion level.

After record-breaking trading volumes earlier, recent ETP trading activity has sharply declined, with volumes dropping to $17 billion, the lowest since July 2025, highlighting increasing investor apathy. In the short term, market capital from institutional products still faces severe challenges.

Image source: CoinShares institutional digital asset investment products (ETPs) continue to be sluggish, with $288 million outflow last week, marking the fifth consecutive week of net outflows.