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Details: ht
Bitmine just made another massive move — adding 264K $ETH this week.
They now hold 2.42M ETH (~$9.72B). That’s nearly 2% of the total supply concentrated in one entity. 👀
Why it matters:
Every major $ETH rally in history has had big treasury players driving accumulation.
But the more supply that gets locked into a few hands, the tighter liquidity gets for the rest of the market.
It’s bullish in the short-term (supply shock), but long-term, concentration risk can’t be ignored.
Ethereum’s fundamentals are strong — growing TVL, scaling upgrades, booming L2s — and whales like Bitmine are betting on that future.
The big question: will they keep stacking, or will they one day become the largest source of sell pressure $ETH has ever seen?