🚀Ethereum Whale-Scale Positioning: Bitmine Quietly Locking in Supply

Founded by Tom Lee, Ethereum reserve company Bitmine has recently increased its staking significantly. Over the past 24 hours, the company has added approximately $320 million worth of ETH to staking, with more than 70% of its total holdings now used for staking to earn rewards.
On-chain data shows that around 75,600 ETH were transferred to Coinbase Prime for staking early Thursday morning, and on the previous Wednesday, about 61,200 ETH were also moved for the same purpose. This marks the first large-scale allocation action in nearly three weeks.
Blockchain analytics platform Lookonchain states that Bitmine has now staked approximately 3.5 million ETH, worth about $8.1 billion, accounting for roughly 70.1% of its total holdings.
Additionally, three suspected related new wallets have recently received about 100k ETH (around $100k). If confirmed to belong to the company, its total holdings could reach approximately 5.08 million ETH.
In comparison, the industry’s second-largest holder, SharpLink, currently holds only about 869k ETH, with Bitmine’s scale surpassing it by over 580%. The company now controls more than 4.1% of the total Ethereum supply, gradually approaching its long-term goal of 5%.
From a market structure perspective, when a large amount of ETH is locked in long-term staking, circulating tokens in the market will gradually decrease, indicating that supply is being slowly absorbed by institutions.
In the crypto market, real shifts in the landscape are never caused by one or two trades but by the continuous accumulation of long-term capital.
When patient capital begins to lock in assets, time often becomes the strongest catalyst for price appreciation. 🚀