Tax-Loss Selling and Thin Holiday Trading Keep Ethereum Prices Range-Bound
Ethereum-focused treasury firm BitMine Immersion Technologies significantly increased its digital asset holdings, acquiring nearly $98 million worth of Ether as broader crypto markets remained subdued during the final days of the year. The move highlights BitMine’s long-term accumulation strategy despite short-term price pressure linked to seasonal market dynamics.
Blockchain analytics data shows BitMine purchased 32,938 ETH in a single transaction, bringing its total Ethereum holdings to approximately 4.07 million ETH, valued near $12 billion at current market prices. Alongside the acquisition, the company also staked an additional 118,944 ETH, reinforcing its approach of generating passive yield for shareholders through network participation.
Market strategist Tom Lee, who helped shape BitMine’s Ethereum-focused treasury strategy, attributed the muted price action to year-end tax-loss selling, a recurring trend where investors sell assets to offset taxable gains. He noted that this selling pressure typically intensifies between December 26 and December 30, often weighing on both crypto assets and related equities.
Lee also pointed to reduced institutional participation during the holiday period, which leaves algorithmic trading systems and bots exerting greater influence over price movements. As a result, the total crypto market capitalization has hovered around $3 trillion for roughly two weeks, signaling a pause in momentum rather than a structural downturn.
Despite these conditions, BitMine has accumulated more than 77,400 ETH in just over a week, consistently purchasing over 40,000 ETH weekly for ten consecutive weeks.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.