Bitmine Just Crossed $10 Billion In Staked Ethereum – 88% of Everything It Owns Is Now Locked In

Bitcoin's price surge currently dominates market attention while Ethereum remains relatively stable. Data from Arkham Intelligence reveals significant activity beneath the surface, suggesting a potentially impactful shift. Bitmine has staked an additional 190,800 ETH, worth approximately $451 million, in a single, large transaction. This action, the largest single stake yet by Bitmine, occurred during a period of Ethereum's price stagnation. Such large-scale commitments are deliberate, reflecting a long-term conviction in Ethereum's underlying value, irrespective of short-term price movements. With over $10.77 billion (88% of its holdings) locked in staking, Bitmine's strategy has evolved into a structural claim on Ethereum's network. This massive lock-up removes a substantial portion of Ethereum's circulating supply from the liquid market, influencing future price dynamics. Bitmine now controls roughly 3.7% of Ethereum's total circulating supply, inaccessible for quick liquidation. The current market quiet hides a significant reduction in available supply, a factor that will influence future price levels. Ethereum's price is around $2,370, showing recovery but facing resistance at $2,400-$2,500. While holding above the $2,250-$2,300 support is positive, the recovery lacks strong buying momentum, and reduced volume is a concern.