#bitmine以太坊持仓突破600万枚
Everyone’s watching BitMine to see how much ETH it bought this week.. But what’s really worth paying attention to is that there are only a few weeks left until it reaches the line it drew for itself..
📊 了解最新交易计划
By this coming Sunday, the Ethereum treasury company’s holdings will have reached 6,001,302 ETH—4.9% of the total supply of 122.01 million.. Based on its average weekly buy rate over the past 12 weeks (from July 13 to September 28) of about 21,600 ETH, the remaining gap is only about 103,700 ETH—less than five weeks to fill. Even on the optimistic timeline, it could hit 5% in early November..
Most people see it as “another company buying coins,” or even just treat it as a bullish signal for ETH.. But once a line has been drawn by the entity itself, the nature of the behavior changes: before reaching the line it’s a bid, but after reaching the line it has to start thinking about how not to become even bigger..
It’s very straightforward about its own plan.. Back in May, it even proactively slowed down its buying. What it originally said was that it would reach 5% by end of 2026—now it’s done more than half a year early.. After it hits the line, its intention is not to keep topping up, but to sell some of the ETH earned from staking rewards, keeping its holdings ratio around 5%..
This is the real thing worth watching.. It isn’t just a shell that keeps accumulating—its revenue structure has already decoupled from the coin price. In the previous quarter, out of $45.7 million in revenue, 98% came from staking and validation. In other words, it earns rent by doing work for the network, not by the price going up.. And it also runs an institutional staking platform; the custody size for external clients has already exceeded $2 billion..
So the underlying logic isn’t “money flowing into ETH”—it’s “a publicly listed company’s balance sheet has turned into a portion of some blockchain’s circulating supply”.. It starts to behave like a small central bank: setting its own target share, managing incremental supply, and also holding and staking assets on behalf of others..
After it reaches the line, it says it will revisit in 2027. What really matters isn’t the 5% number—that’s one it sets, and it can change anytime.. Rather, it’s the first time it plans to sell the staking rewards: at that moment, the market will simultaneously lose a long-term buyer and gain a fixed sell order..
The reversal is right there.. If ETH’s usage footprint doesn’t continue expanding, there’s no reason for it to add.. On the other hand, if it starts selling rewards, it means its target has shifted from “getting more” to “defending its position.”.. These two states get priced completely differently by the market..
Everyone’s watching BitMine to see how much ETH it bought this week.. But what’s really worth paying attention to is that there are only a few weeks left until it reaches the line it drew for itself..
📊 了解最新交易计划
By this coming Sunday, the Ethereum treasury company’s holdings will have reached 6,001,302 ETH—4.9% of the total supply of 122.01 million.. Based on its average weekly buy rate over the past 12 weeks (from July 13 to September 28) of about 21,600 ETH, the remaining gap is only about 103,700 ETH—less than five weeks to fill. Even on the optimistic timeline, it could hit 5% in early November..
Most people see it as “another company buying coins,” or even just treat it as a bullish signal for ETH.. But once a line has been drawn by the entity itself, the nature of the behavior changes: before reaching the line it’s a bid, but after reaching the line it has to start thinking about how not to become even bigger..
It’s very straightforward about its own plan.. Back in May, it even proactively slowed down its buying. What it originally said was that it would reach 5% by end of 2026—now it’s done more than half a year early.. After it hits the line, its intention is not to keep topping up, but to sell some of the ETH earned from staking rewards, keeping its holdings ratio around 5%..
This is the real thing worth watching.. It isn’t just a shell that keeps accumulating—its revenue structure has already decoupled from the coin price. In the previous quarter, out of $45.7 million in revenue, 98% came from staking and validation. In other words, it earns rent by doing work for the network, not by the price going up.. And it also runs an institutional staking platform; the custody size for external clients has already exceeded $2 billion..
So the underlying logic isn’t “money flowing into ETH”—it’s “a publicly listed company’s balance sheet has turned into a portion of some blockchain’s circulating supply”.. It starts to behave like a small central bank: setting its own target share, managing incremental supply, and also holding and staking assets on behalf of others..
After it reaches the line, it says it will revisit in 2027. What really matters isn’t the 5% number—that’s one it sets, and it can change anytime.. Rather, it’s the first time it plans to sell the staking rewards: at that moment, the market will simultaneously lose a long-term buyer and gain a fixed sell order..
The reversal is right there.. If ETH’s usage footprint doesn’t continue expanding, there’s no reason for it to add.. On the other hand, if it starts selling rewards, it means its target has shifted from “getting more” to “defending its position.”.. These two states get priced completely differently by the market..
