BitMine Immersion Technologies (BMNR), the digital asset treasury firm focused on Ethereum, said on Monday it acquired over 54,000 ether ETH$3,181.42 last week worth around $173 million at current prices.

The firm now holds nearly 3.6 million ETH, closing in on 3% of the outstanding supply of the token, alongside a small bitcoin stash and equity in Worldcoin-focused treasury firm Eightco (ORBS). It also raised its cash holdings to $607 million, up from $398 million last week.

BMNR shares slipped 2.6% on Monday to their weakest level since August.

BitMine chairman and Fundstrat co-founder Thomas Lee attributed the current weakness in crypto prices to a sharp drop in liquidity, possibly caused by a wounded market maker pulling back operations following the October 10 crash.

“When a market maker has a ‘hole’ on their balance sheet, they are seeking to raise capital and are reducing their liquidity functions in the market, Lee said, likening the situation to a kind of “quantitative tightening” (QT) for crypto assets. “In 2022, this QT effect lasted for 6-8 weeks,” he said.

Despite the current downturn, BitMine does not believe crypto has reached a cycle peak yet, Lee said. In his November note to shareholders, he argued that structural drivers could push the cycle’s top into 2026 or later. He also pointed to asset tokenization such as stocks, bonds and real estate on the Ethereum blockchain as a key trend to watch, calling it “a major unlock” for the financial system.

Read more: Tom Lee Says Ether Is Entering a Bitcoin-Like ‘Supercycle’; Critics Push Back