#比特币跌破8.4万美元
First, the takeaway: the key issue with Ethereum losing a regular weekly buyer may not be Ethereum itself..
💰 热点新闻
Bitmine Chairman Tom Lee made it clear at TOKEN2049 in Singapore: once the company’s holdings reach 5% of the circulating supply, it will stop buying.. The company currently holds 6.01 million ETH, about 4.9% of the circulating supply, leaving it roughly 100,000 ETH short of its target. At last week’s buying pace, it could reach that target in six or seven weeks.. It also has $643 million in cash on its books—only half of that would be needed to buy the remaining coins..
After the news broke, Ethereum fell 5% over 24 hours, roughly twice Bitcoin’s decline, and the market immediately read it as bad news..
But what really matters isn’t that 5% figure—it’s the role the company has played over the past year.. Since June 2025, Bitmine has bought ETH every single week without missing a beat.. As the market kept falling, that steady buying helped support prices.. Now the biggest consistent buyer says it’s about to hit the brakes, effectively removing one pillar of demand..
The more subtle point is the reason.. It’s not out of money; it simply doesn’t want to buy more.. According to third-party data, the company’s ETH position is sitting on an unrealized loss of about $4.5 billion.. When a buyer that has already lost $4.5 billion chooses to cap its holdings, it suggests that even the company itself doesn’t expect to break even anytime soon..
Zoom out, and this stands in sharp contrast to Bitcoin: in the same week, spot Bitcoin ETFs actually saw net inflows of $119 million.. The so-called DAT model—where a treasury company keeps buying crypto to boost its stock price, then raises funds through stock sales to buy more— is starting to diverge. When crypto prices stop cooperating, the cycle can stall on its own..
The key thing to watch next is whether Bitmine buys that final 100,000 ETH.. If it buys the rest as planned and then really stops, Ethereum will lose a regular weekly source of demand.. If it starts dragging its feet even on those 100,000 ETH, the market will read that as a different signal.. The answer isn’t really in Ethereum’s price; it’s in the cash flows of companies like this..
First, the takeaway: the key issue with Ethereum losing a regular weekly buyer may not be Ethereum itself..
💰 热点新闻
Bitmine Chairman Tom Lee made it clear at TOKEN2049 in Singapore: once the company’s holdings reach 5% of the circulating supply, it will stop buying.. The company currently holds 6.01 million ETH, about 4.9% of the circulating supply, leaving it roughly 100,000 ETH short of its target. At last week’s buying pace, it could reach that target in six or seven weeks.. It also has $643 million in cash on its books—only half of that would be needed to buy the remaining coins..
After the news broke, Ethereum fell 5% over 24 hours, roughly twice Bitcoin’s decline, and the market immediately read it as bad news..
But what really matters isn’t that 5% figure—it’s the role the company has played over the past year.. Since June 2025, Bitmine has bought ETH every single week without missing a beat.. As the market kept falling, that steady buying helped support prices.. Now the biggest consistent buyer says it’s about to hit the brakes, effectively removing one pillar of demand..
The more subtle point is the reason.. It’s not out of money; it simply doesn’t want to buy more.. According to third-party data, the company’s ETH position is sitting on an unrealized loss of about $4.5 billion.. When a buyer that has already lost $4.5 billion chooses to cap its holdings, it suggests that even the company itself doesn’t expect to break even anytime soon..
Zoom out, and this stands in sharp contrast to Bitcoin: in the same week, spot Bitcoin ETFs actually saw net inflows of $119 million.. The so-called DAT model—where a treasury company keeps buying crypto to boost its stock price, then raises funds through stock sales to buy more— is starting to diverge. When crypto prices stop cooperating, the cycle can stall on its own..
The key thing to watch next is whether Bitmine buys that final 100,000 ETH.. If it buys the rest as planned and then really stops, Ethereum will lose a regular weekly source of demand.. If it starts dragging its feet even on those 100,000 ETH, the market will read that as a different signal.. The answer isn’t really in Ethereum’s price; it’s in the cash flows of companies like this..