Ethereum price retreated for three consecutive days, erasing some of the gains made earlier this month. ETH dropped to $3,152, down from this year’s high of $3,300. One main reason why the Ethereum price may rebound this year is because of the aggressive purchases by BitMine, the company that Tom Lee runs. BitMine has bought 278,551 ETH in the last 30 days, lifting its cumulative purchases to 4.14 million ETH worth over $13 billion.
The company has more room to go in its Bitcoin purchase as it hopes to accumulate 6 million coins over time. There is also a slim chance that it will boost its target, especially if it manages to increase its share capacity from 500 million to 50 billion. Ethereum will launch two major upgrades this year, Glamsterdam and Hegota, later this year. Glamsterdam aims to improve fairness, predictability, and trustlessness in block building, including proposal-builder separation to mitigate MEV centralization risks.
The upgrade will also introduce deterministic block-level access lists for more predictable execution and benchmarked gas repricing. The Hegota upgrade will introduce verkle trees, which will reduce node storage requirements, and its goal will be to enhance fairness and predictability. It is common for cryptocurrency prices to rise before and after major upgrades, and the network’s market share continues growing in key areas, including real-world asset tokenization where assets jumped to over $12 billion. This growth continued last month when JPMorgan analysts launched the first tokenized fund on the network, and more companies such as Janus Henderson and WisdomTree are adopting Ethereum.
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