Staking approval will be the real game changer.
Not Tom Lee.
Hundreds of billions of untapped capital i.e. income/yield funds:
- Pension Funds
- Insurance companies
- SWFs / State Pension funds
Tom Lee is just fron-running this.
This doesn’t even factor in BMNR future planned $20bn ETH acquisition.
With that you’ll surely be looking at >$8k ETH price:
i) BMNR currently holds approximately 1.15 million ETH, valued at around $5bn (1% of total supply).
ii) They’d need about 6 million ETH for 5% of total supply; That’s 9-10x the buy pressure (BMNR added $2bn) from last week that rallied us to just below ATH
As more institutional capital flows into crypto I suspect we will see those with higher risk appetites run the same playbook back on more exotic assets.
We’ve seen glimmers of this with TAO, FET, Hype; The difference here is it will take far less capital to accumulate 5% of their supply, compared to ETH.
Heck even Cardano was up 35% last week - it wouldn’t surprise me if someone is running the DAT playbook for ADA.
That pump certainly isn’t just taxi drivers bidding.
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