The pump that removes spot liquidity from the secondary market on one side is still running continuously. Bitmine has most recently disclosed that its $ETH holdings have officially crossed the 6 million coin mark, accounting for nearly 4.9% of the total supply across the entire network. More importantly, of this amount, over 5.06 million spot coins have been directly deposited into staking contracts, effectively exiting the short-term tradable pool as interest-bearing assets.
From the perspective of market microstructure, ongoing weekly DCA accumulation alongside more than 80% of coins being locked in staking is systematically thinning the effective float in the spot market. When millions of spot coins move into low-liquidity—or even locked—states, the liquidity depth on the sell side of the order book is materially compressed. This gives spot prices extremely sensitive upward elasticity when facing buy-side demand from incoming capital.
But the high level of capital being concentrated is a double-edged sword. Tightening spot liquidity not only steepens the slope of upward surges, but it also means the buffer range that can absorb large-scale abnormal volatility on the screen is narrowing. The next key factor is whether incremental spot capital from off-chain can continue to fill the liquidity gap created by on-chain staking. The equilibrium between tight coin supply and depth-based competition is becoming increasingly apparent.
From the perspective of market microstructure, ongoing weekly DCA accumulation alongside more than 80% of coins being locked in staking is systematically thinning the effective float in the spot market. When millions of spot coins move into low-liquidity—or even locked—states, the liquidity depth on the sell side of the order book is materially compressed. This gives spot prices extremely sensitive upward elasticity when facing buy-side demand from incoming capital.
But the high level of capital being concentrated is a double-edged sword. Tightening spot liquidity not only steepens the slope of upward surges, but it also means the buffer range that can absorb large-scale abnormal volatility on the screen is narrowing. The next key factor is whether incremental spot capital from off-chain can continue to fill the liquidity gap created by on-chain staking. The equilibrium between tight coin supply and depth-based competition is becoming increasingly apparent.