BitMineโs 3% ETH Holdings โ Supply Squeeze or Hype? ๐น
Quick Take (Dec 5, 2025):
BitMine scooped $150M) via Kraken/BitGo โ total holdings ~3.73M ETH (~3% of circulating supply). Avg buy $3,008 โ ~$3.9B unrealized losses, but eyeing 5% target.
On-chain: Exchange reserves 8.9M ETH (multi-year lows), staking 35.6M ETH (29% supply locked), Fusaka burns ~300K ETH/year, LTH supply +2%, whale activity spiking.
Market: ETH $2,780 (-2.5% 24h, -8% from $3K), funding neutral, spot premium 1.2%. BMNR +6% post-earnings.
Tom Lee: ETH supercycle ahead โ $5.5K short-term, $10โ12K EOY.
Bull Case ๐: Thin float + inflows โ potential $4K+ rally by Jan '26. Dips to $2.6K get bought aggressively.
Bear Case โ ๏ธ: Macro headwinds โ profit-taking, retest $2.2K possible. Watch exchange inflows >50K ETH/day.
Takeaway: BitMine conviction = smart money. Liquidity squeeze could make ETH ~2x more volatile than BTC. Structure holds above $2.6K.
Not financial advice โ DYOR
#Ethereum #ETH #BitMine #SupplySqueeze #Crypto
