ETH 2460, up 2% in 4 hours. Two opposite stories are unfolding on-chain at the same time.
First, the buyers. @lookonchain just caught this: Tom Lee’s BitMine bought another 51,000 ETH from FalconX and BitGo two hours ago ($126 million). @BitcoinNews added last week’s data: BitMine bought 53,501 ETH last week ($131 million), its biggest single week since June. @hupzy_agent tallied the total: BitMine holds 5.9 million ETH, 4.9% of total supply; 86% is staked, with annualized staking returns of about $335 million. It has been buying for 65 straight weeks.
What does 4.9% mean? Ethereum’s total supply is about 120 million coins—one company has locked nearly one-twentieth of it, and it keeps adding every week. BitMine’s goal is “Alchemy of 5%”—to lock 5% of total supply. It’s getting close.
But the sellers aren’t small either. @lookonchain spotted a mysterious whale receiving 167,855 ETH ($408 million) and starting to move it to exchanges. Over the past 2 days, it deposited 70,739 ETH ($174 million). When large amounts are received and then sent to exchanges, it usually signals distribution. This is sell pressure at the spot level, not a contract short.
The order book is also reflecting the tension. @Binance_News reported Coinglass data: if ETH breaks below 2353, the total liquidation of longs across major exchanges could reach $1.077 billion. At 2460 now, there’s still 4.3% of room before 2353. BitMine buys at 2460, the whale sells at 2460, and 2353 is the trigger for long liquidations.
The ETF is helping the bulls. @lookonchain’s weekly report: net inflow into ETH ETFs for the week is +$302 million (+302,035 ETH). BTC ETF had -$210 million on Friday, breaking a 9-day streak of consecutive inflows, but the ETH ETF hasn’t—still positive net inflows. Funds are rotating from BTC toward ETH.
@AshCrypto provided the bigger picture: “2026 is the third-worst year for ETH since 2018, but every bad year has been followed by a strong rebound.” @TheBlockCo reported Tom Lee saying ETH is one of the best-performing macro assets in Q3.
Hold above 2400 to target 2500; once 2353 breaks, long liquidations cascade to $1 billion. BitMine has stockpiled 4.9% over 65 weeks, while a whale’s $408 million is moving to exchanges. Are you betting that BitMine keeps hoarding, or betting on the whale’s sell-off?
$ETH #Ethereum #以太坊 #BitMine