Ethereum is down around 1.1% in the last 24 hours, recently changing hands at $2,312. The second-largest crypto asset by market cap has jumped 5.4% in the last week.
“As downside tail risks for the U.S.-Iran war diminish, ETH has risen 41% from its early February lows,” said Lee. “In our view, there is a lot of meaning to ETH being the best 'war-time store of value,' and to ETH being the asset leading since the war started,” he added.
Over the six-month period ending on February 28, the firm had more than $9 billion in reported losses on account of ETH’s slide from its August all-time high mark of $4,946. As it stands, the asset is now trading about 53% off that mark.
BMNR shares are down about 3.3% since the opening bell on Monday and have slightly underperformed ETH in the last month of trading, gaining nearly 3% while ETH has risen 5.5% during the same span.
The firm’s shares have fallen nearly 59% in the last six months of trading ,and are 86% off their 52-week high of $161, recently changing hands at $22.21.
