BitMine has turned its ETH accumulation target into a hard cap of 5%. Is this the first time the institutional accumulation narrative has put a ceiling on itself? Tom Lee says they won’t buy more than 5% of Ethereum’s total supply—the target has become a cap. Before, it was buy endlessly; now, it’s stop once they hit the line.
Looking at the data, spot ETH ETFs have seen net outflows for six consecutive trading days, totaling $408 million. BTC ETFs, by contrast, saw net inflows of $119 million on the same day. ETH is down 5.2% over 24 hours, while BTC is down 3.0%, with $547 million in liquidations across the market. Robinhood, meanwhile, added $25 million worth of BTC to its balance sheet—the exact opposite direction.
One of the largest accumulation players has voluntarily set a cap. The ETH staking queue will probably feel it first: with one buy-only, never-sell buyer gone, who’s going to take over from here? $ETH $BTC
Looking at the data, spot ETH ETFs have seen net outflows for six consecutive trading days, totaling $408 million. BTC ETFs, by contrast, saw net inflows of $119 million on the same day. ETH is down 5.2% over 24 hours, while BTC is down 3.0%, with $547 million in liquidations across the market. Robinhood, meanwhile, added $25 million worth of BTC to its balance sheet—the exact opposite direction.
One of the largest accumulation players has voluntarily set a cap. The ETH staking queue will probably feel it first: with one buy-only, never-sell buyer gone, who’s going to take over from here? $ETH $BTC