Market anxiety surrounding recent institutional shifts and insider moves is typical bottom behavior, Bitmine Immersion (BMNR) chairman Tom Lee told CoinDesk.
Lee dismissed concerns that Strategy's Executive Chairman Michael Saylor selling 32 BTC signals trouble. Saylor sold at an average price of $77,135, generating roughly $2.5 million to fund preferred stock dividend payments. The firm still holds more than 843,700 BTC, meaning the sale represented just 0.004% of its total reserves.
"Michael said he was planning to sell bitcoin, so he's following through," Lee said. "At the end of the day, he's still got 99.99% of his bitcoin, and he only makes money if bitcoin goes up."
Lee's comments follow broader industry unease after the longest outflow streak since U.S. spot ETFs debuted in January 2024, totaling $3.4 billion over 11 consecutive days. Lee called these exits a classic trailing indicator of a market reset.
"This is what you expected at the bottom," Lee added. "People sell at the bottom, right?"
Despite short-term price pressure, Bitmine's strategy remains unchanged. The firm confirmed its accumulation plans for ether (ETH) remain on track after purchasing 111,942 ETH worth $237 million last week, lifting its holdings to nearly 5.4 million ETH-about 4.47% of ether’s circulating supply.