The selling pressure has stalled upward price movement, with the crypto total market cap hovering around $3 trillion for the past two weeks.
Ethereum News
Ethereum treasury company BitMine Immersion Technologies purchased 32,938 Ethereum worth $97.6 million on Tuesday as crypto markets remained subdued in the final days of 2025. Nansen data shows the acquisition brings BitMine's total holdings to 4.07 million Ethereum valued at $12 billion.
The company also staked another 118,944 Ethereum, continuing its strategy to generate passive returns for shareholders. Tom Lee, who orchestrates BitMine's Ethereum strategy and founded Fundstrat, attributed muted crypto prices partly to increased tax-loss selling in the U.S.
Year-end tax-loss selling pushes down crypto and crypto equity prices, with the effect typically strongest from Dec. 26 to Dec. 30, Lee stated. Individuals and institutions offload assets during this period to offset profits and reduce taxable income for the year.
Institutional investors taking breaks during the Christmas period left bots to dominate trading activity, Lee said. The selling pressure has stalled upward price movement, with the crypto total market cap hovering around $3 trillion for the past two weeks.
BitMine has accumulated more than 77,400 Ethereum since last Monday, widening its lead over competitors. Lee calls the company the largest fresh money buyer of Ethereum, with purchases exceeding 40,000 Ethereum weekly for at least 10 consecutive weeks.
The buying spree occurred as several crypto leaders criticized a proposed 5% wealth tax on California billionaires. Former Kraken CEO Jesse Powell warned the measure would be the final straw, predicting billionaires would take their spending, hobbies, philanthropy, and jobs elsewhere.
The proposal includes taxes on unrealized gains. Opponents argue the measure could trigger an exodus of entrepreneurs and capital from the tech-focused state.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
