In a sign of systemic stress, digital asset treasury (DAT) companies such as FG Nexus and ETHZilla liquidate millions of Ethereum to buy back shares at a steep discount to NAV.
Persistent outflows from Bitcoin ETFs and the extreme fear index (11) contrast with aggressive whale accumulation. Retail is absent while large investors are buying.
Tom Lee's BitMine strategically accumulates 72,000 ETH ($281M) in the recent crash, bringing its holdings to 3.03M ETH. The institutional accumulation pushes exchange reserves to lows. Tom Lee and Arthur Hayes predict massive price increases, seeing ETH between $10,000 and $15,000.