Tom Lee, CEO of BitMine Research, predicts Ethereum will reach $5,000 by year-end, with Bitmine holding over 6 million ETH in its treasury reserves. Long positions on ETH have reached their highest level in four years on Bitfinex, with one trader opening a $43.4 million position using 25x leverage. However, Spot ETH ETFs recorded over $542 million in net outflows last week, their worst weekly performance since January. Two wallets associated with the Ethereum Foundation deposited 4,393 ETH worth $11.13 million on Kraken, with these same wallets having received 59,751 ETH from the Foundation ten years ago when ETH was trading at just $0.90. The $5,000 target appears increasingly unlikely given the current environment of institutional selling pressure and heightened market volatility.
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