Key Insights:
- BitMine increased its Ethereum stash today with an additional 20,000 ETH coins in the latest breaking news.
- On-chain data from Lookonchain showed Tom Lee’s Nasdaq-listed BitMine picked up roughly $39.8 million of ETH from BitGo.
- Analyst Ted Pillows said liquidity clusters still look evenly matched, with both long and short traders leaning in hard.
BitMine increased its Ethereum stash today, adding 20,000 coins as staking hit a major new threshold for supply. The move underscored the company’s broader goal of building a position equal to 5% of Ethereum’s total supply.
At the same time, on-chain data showed staking contracts tightening their grip on circulation, with more than half of all issued ETH coins now locked up. That backdrop makes BitMine’s steady accumulation look less like a one-off purchase and more like a deliberate bet on a market where liquid supply keeps shrinking.
Breaking News: BitMine Doubles Down on Ethereum Accumulation with 20K ETH Purchase
On-chain data from Lookonchain showed Tom Lee’s Nasdaq-listed BitMine picked up 20,000 ETH from BitGo. The transfer came in at roughly $39.8 million.
Meanwhile, the buy built on momentum from the day before. BitMine had already reported it was sitting on 45,759 ETH, a position it said it accumulated over the past week. At that pace, the firm said it has already hit 72% of its stated objective. The end goal is clear: BitMine aims to control 5% of Ethereum’s total supply.
Meanwhile, ETH price traded around $1,972 at the time of writing, up about 1% over the past 24 hours. Even so, the token still sat deep in the red for the month, down roughly 38.54% over the last 30 days.
Meanwhile, analyst Ted Pillows said liquidity clusters still look evenly matched, with both long and short traders leaning in hard. Therefore, he said the setup puts everyone on a tight rope. A sharp move either way could trigger a wave of liquidations and force positions out fast.
Ethereum Staking Sets a New Supply Record
Santiment reported that Ethereum’s main proof-of-stake contract has crossed a line it has never hit before. For the first time in the network’s 11-year history, it now holds more than half of all ETH ever issued. BitMine is also trying to accumulate more ETH to increase its share of the top altcoin.
More specifically, the data showed the staking contract climbed to about 50.18% of total historical issuance. In other words, a majority of the supply now sits locked in staking.
Santiment explained that Ethereum’s staking contract acts like a one-way vault. It locks up ETH so validators can help secure the network. Once users stake, that ETH effectively leaves normal circulation. It stops being something traders can freely move, spend, or sell.
Later, when validators withdraw, Santiment said Ethereum does not simply hand back the same coins from the contract. Instead, the network releases ETH back onto the main chain, rather than pulling it out of the vault.
Supply numbers can look different depending on the method analysts use. Some track issuance before burns, while others focus on the post-burn total.
In this case, the 50.18% figure was based on Ethereum’s historical issuance before burns. Meanwhile, estimates put the current live supply on the network at roughly 120 million ETH.
ETH Metrics and ETF Flows Point to a New Setup
Everstake highlighted the same milestone, saying more than half of Ethereum’s supply now sits in staking. As a result, the firm said the pool of liquid ETH is shrinking, which can reduce the amount that actually changes hands on the open market.
It also linked the trend to market mood. Everstake said staking often speeds up during bear phases, especially when trading activity cools, and holders look for yield rather than quick flips.
Meanwhile, analyst Chris Beamish said the big picture turned softer across the last 30 days. He reported that aggregate realized cap flows slipped into negative territory.
He also said that both Bitcoin and Ethereum showed weaker net position changes, indicating less buying and less steady accumulation.
Even with those softer signals, ETF demand still leaned positive. BitMine certainly made news with its latest ETH accumulation. Data from SosoValue showed Ethereum spot ETFs pulled in a combined $48.63 million in net inflows.
More importantly, the flow picture stayed clean across the board. The data indicated that none of the nine funds recorded net outflows during the period covered.
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