📰 Bitmine is just one step away from its goal of holding 5% of the total ETH supply: As of October 11, it held 6,028,946 ETH, or about 4.9% of the total supply. A goal originally planned to take five years is now expected to be reached roughly 16 months after the initiative began.
🔥 More importantly, Tom Lee has made it clear that Bitmine won’t keep accumulating ETH once it passes 5%. Over the past 30 days, Bitmine bought about 72,000 ETH—equivalent to 75.2% of the amount newly issued over the same period. Frankly, when the biggest buyer hits the brakes, the market loses not just demand, but some confidence too.
👀 But the buyers who might step in aren’t very strong for now. U.S. spot ETH ETFs saw net outflows of $542 million last week, marking two consecutive weeks of outflows. SharpLink, the second-largest ETH treasury company, holds about 0.73% of the total supply—far less than Bitmine.
💡 Bitmine has reasons to slow down as well: Its share price is under pressure, and buying crypto through financing would dilute shareholders. It has already repurchased 21 million shares for $350 million. It currently has 5,067,309 ETH staked, generating about $336 million in annualized staking revenue, and Tom Lee has also said the company will sell its staking rewards.
🤔 So the question right now isn’t whether Bitmine will immediately sell its core holdings, but whether ETFs and other institutions can make up for the demand once it stops buying aggressively. Where do you think the next source of steady ETH buying will come from?
#ETH #Bitmine #以太坊 #CryptoMarket
🔥 More importantly, Tom Lee has made it clear that Bitmine won’t keep accumulating ETH once it passes 5%. Over the past 30 days, Bitmine bought about 72,000 ETH—equivalent to 75.2% of the amount newly issued over the same period. Frankly, when the biggest buyer hits the brakes, the market loses not just demand, but some confidence too.
👀 But the buyers who might step in aren’t very strong for now. U.S. spot ETH ETFs saw net outflows of $542 million last week, marking two consecutive weeks of outflows. SharpLink, the second-largest ETH treasury company, holds about 0.73% of the total supply—far less than Bitmine.
💡 Bitmine has reasons to slow down as well: Its share price is under pressure, and buying crypto through financing would dilute shareholders. It has already repurchased 21 million shares for $350 million. It currently has 5,067,309 ETH staked, generating about $336 million in annualized staking revenue, and Tom Lee has also said the company will sell its staking rewards.
🤔 So the question right now isn’t whether Bitmine will immediately sell its core holdings, but whether ETFs and other institutions can make up for the demand once it stops buying aggressively. Where do you think the next source of steady ETH buying will come from?
#ETH #Bitmine #以太坊 #CryptoMarket