#以太坊投资机会 BitMine netted an increase of 102,259 ETH over the past week, with current holdings approaching nearly 4% of the total Ethereum supply—this data point is worth noting.

From an on-chain treasury perspective, sustained institutional-level accumulation often precedes a shift in market sentiment. The judgment that "the market has begun to recover from the October shock," mentioned by BitMine's chairman, can be validated from two dimensions: first, a stable and continuous buying rhythm indicating clear expectations for the future; second, cash reserves maintained at around $1 billion, with ample liquidity and room for further accumulation.

More importantly, the statement "will never sell ETH." If we calculate based on staking yields of $1 million per day, this effectively anchors a medium- to long-term asset allocation goal—institutions are pricing this with concrete actions. Such a clear stance on holdings usually signifies strong confidence in the industry fundamentals over the next 12-24 months.

The regulatory expectations and policy environment improvements anticipated in 2025 indeed provide fundamental support for this wave of accumulation. From a capital flow perspective, the buying behavior of large institutional holdings offers forward-looking reference value.

What to continue observing is whether this wave of accumulation will prompt other whales to follow suit, and whether changes in on-chain active addresses for ETH can support price stability.