The price of Ethereum (ETH) rose by 7.46% to reach $2,619 by September 11, posting a weekly gain of 6.62%. Tom Lee, co-founder of Fundstrat and chairman of Bitmine Immersion Technologies, described this move as the beginning of a massive face-ripper rally for short sellers. The catalyst behind this surge was the release of the August U.S. Consumer Price Index (CPI), with Core CPI exceeding expectations at a 0.3% monthly increase. Bitmine Immersion Technologies, officially the world’s largest corporate holder of Ethereum, has accumulated 5.9 million ETH, representing approximately 4.9% of global supply, and continues to systematically buy ETH every week under its so-called alchemy of 5% strategy.
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