Bitmine Immersion Technologies has disclosed its holding of 3.6 million ETH, representing 2.9% of the total circulating supply, as part of its $11.8 billion treasury update. Chairman Tom Lee addressed liquidity stress among crypto market makers following an October deleveraging event, likening the situation to a balance-sheet 'hole' and a form of quantitative tightening. Lee also commented on the current crypto cycle, suggesting that its peak may still be 12 to 36 months away. He highlighted the potential of tokenization to enhance transparency in financial assets, indicating a shift towards more open financial systems.