Ethereum's Super Cycle Unaffected by Current Market Challenges, Says BitMine Chairman

According to Odaily, Tom Lee, Chairman of BitMine, shared insights on the X platform regarding the current downturn in the cryptocurrency market. He highlighted that the decline has exposed several issues, such as significant gaps in the balance sheets of one or two market makers and opportunistic entities causing Bitcoin price drops and sell-offs. Despite these challenges, Lee emphasized that the discomfort caused by these problems will not persist long-term and will not deter Wall Street's goal of establishing an 'ETH super cycle.' However, he advised against using leverage at this time due to the risk of being trapped.In response to community inquiries about when the balance sheet issues of market makers might be resolved, Lee estimated a timeframe of 6-8 weeks.