Ethereum (ETH) has managed to stay above the $1,900 threshold in the past couple of days as whale buying persists despite the latest spike in negative volatility.
The $1,850 area acted as support on Tuesday, as Bitmine, the famous ETH-focused digital asset treasury (DAT) headed by Tom Lee, acquired 7,391 tokens valued at around $14 million.
In the press release that announced the acquisition, Lee emphasized that the odds of a rate hike in September declined from a previous high of around 70% to 46%, indicating that the market is leaning toward a neutral stance on the Federal Reserve.
"We expect easing financial conditions to be a tailwind for crypto," Lee highlighted.
We have been emphasizing for weeks that poor macroeconomic conditions have kept a lid on crypto prices lately at a point when both technical indicators and on-chain data seem to be indicating that a cycle bottom is already in.
If Lee's view of the macro backdrop turns out to be true and the Fed adopts a dovish stance on rates during the next meeting, we could see cryptos rising to higher levels in the next few days.
Net Inflows to Ethereum ETFs Line Up for a Strong Month
That said, net inflows to exchange-traded funds (ETFs) don't seem to reflect that view yet, as investors withdrew $16 million out of these vehicles during the first two days of this week.
