- The record dump surpassed the previous record set in July 2025 and qualified as a “rare five-sigma event.”
- Bitmine Chairman Tom Lee described the move as a “contrarian bullish signal,” suggesting extreme selling may precede a rebound.
- BMNR’s stock fell in morning trade amid weakness in the broader market despite Ethereum’s price holding gains over the last 24 hours.
Bitmine Immersion Technologies (BMNR) Chairman Tom Lee said on Friday that a record wave of institutional selling flagged by Goldman Sachs could point to a market rebound.
“Contrarian bullish signal,” Lee wrote in a post on X, responding to Goldman data showing long-only investors sold $9.6 billion worth of equities on Thursday. The move marked the largest single-day outflow recorded by the firm since it began tracking flows in 2022. The selling surpassed the previous high set in July 2025 and qualified as a “rare five-sigma event.”
Record Long-Only Selling Signals Market Stress
Long-only funds, which usually include institutional investors such as pensions and endowments, are generally steady buyers that help support markets over time. A sharp pullback from these participants often reflects a broad risk-off shift following periods of volatility.
Lee’s view hinges on the idea that extreme selling can reset market positioning. Heavy liquidation by long-only investors may flush out weaker hands and create conditions for a rebound if selling pressure subsides. Last month, after Bitcoin’s price hit a low of $60,000, Lee said that March is likely to be an up month for the stock and cryptocurrency markets.
Bitmine Expands Ethereum Holdings Amid Crypto Weakness
Corporate digital asset treasuries (DATs) like Bitmine have continued to accumulate Ethereum even during the dip in cryptocurrency markets. According to CoinGecko data, BMNR is the largest Ethereum (ETH)-based DAT with over 4.5 million ETH on its balance sheet. Earlier this week, it added over 60,000 Ethereum, and its total holdings crossed $11.5 billion.
Ethereum’s price rose 1.4% in the last 24 hours to over $2,100. Retail sentiment around the leading altcoin remained in ‘bullish’ territory over the past day, accompanied by chatter at ‘high’ levels.
Meanwhile, BMNR’s stock fell over 2.3% in morning trade on Friday amid weakness in the broader stock market. Retail sentiment around Bitmine on Stocktwits fell to ‘bullish’ from ‘extremely bullish’ territory, while chatter remained at ‘extremely high’ levels over the past day.
Read also: Coinbase Launches Perpetual Futures Amid Hyperliquid’s Trading Boom – MAG 7, SPY, QQQ In Lineup
For updates and corrections, email newsroom[at]stocktwits[dot]com.