Tom Lee's BitMine Immersion Technologies (NYSE:BMNR) stock has crashed to a crucial support level, and the ongoing Ethereum performance suggests that it may continue falling further.
BitMine Stock Facing Headwinds as Ethereum ETF Outflows Jump BitMine, the biggest Ethereum (CRYPTO: ETH) accumulator, has continued facing major challenges this year.
It now holds 5.28 million in Ethereum tokens, accounting for 4.37% of the market capitalization.
Ethereum is nearing a local correction after falling by 18% from its highest point in May this year.
It was trading at $2,023 today, May 30, down by 30% since July when BitMine started its accumulation and 60% from its highest point last year.
