PANews reported on April 4 that Bitmine Chairman Tom Lee shared an analysis by VanEck Research Director Matthew Sigel on the X platform. Sigel pointed out that the current protective demand in the Bitcoin derivatives market has risen to the 99th percentile in history, which is usually regarded as a "contrarian long signal" under extreme risk aversion in the market. He judged that the market is suitable for establishing long positions at this stage.

Matthew Sigel also manages the VanEck Digital Transformation ETF (NODE), which has risen 27% since its inception, while Bitcoin has fallen 33% over the same period, achieving lower volatility through diversified allocation and a focus on profitable sectors. However, he also cautioned that massive corporate capital expenditures in artificial intelligence (AI) that fail to generate corresponding returns could put substantial pressure on the market, especially given the concentrated weighting of S&P 500 constituent stocks.

(Note: Percentile is a statistical position concept. The 99th percentile is a relatively extreme level, and the 50th percentile represents the median level.)