Ether dropped 4.43% to $2,567 as the market digests the end of Bitmine's multi-year accumulation run. Chairman Tom Lee announced at Token2049 that the firm will halt purchases once it hits a 5% hard cap on circulating supply. With holdings currently sitting at 6 million tokens or about 4.9%, they only need roughly 100,000 more $ETH to finish.
Bitmine has provided a steady weekly bid since June 2025, absorbing supply through choppy ranges while sitting on $4.5 billion in unrealized losses from earlier bull market buys. Removing this persistent buyer comes just as ETH breaks below daily support and shows persistent relative weakness compared to bitcoin. Price action points toward a test of range lows unless spot demand steps up to fill the gap.
Source: CoinDesk, Decrypt, Cointelegraph
$BTC
Bitmine has provided a steady weekly bid since June 2025, absorbing supply through choppy ranges while sitting on $4.5 billion in unrealized losses from earlier bull market buys. Removing this persistent buyer comes just as ETH breaks below daily support and shows persistent relative weakness compared to bitcoin. Price action points toward a test of range lows unless spot demand steps up to fill the gap.
Source: CoinDesk, Decrypt, Cointelegraph
$BTC