Bitmine has bought ETH for 65 straight weeks, sitting on an unrealized loss of $5.1 billion—and still adding: what exactly are they aiming for?
Bitmine’s total ETH holdings have reached 4.9% of the network’s supply. The more it’s losing, the more it buys. It’s one of the largest single-entity hoarders of ETH on the market.
This week, Bitmine added another 53,500 ETH, extending its consecutive buying streak to 65 weeks. In plain terms: steady, no-stop weekly “restocking,” with no pause through the bear market. The cost isn’t small either—its unrealized paper loss has already climbed to $5.1 billion. But it’s not panicking. The strategy is one word: hoard. The amount of ETH it controls makes up 4.9% of the total network supply, and it’s almost touching 5%.
One-sentence translation: An institution has been continuously stepping in to buy ETH with real money—taking it even while losing.
Impact on the market
- Short term: ETH is currently at $2,472.3, down 0.34% over the past 24 hours. Bitmine’s ongoing buying is stable demand-side support in itself. But a $5.1 billion unrealized loss is also a psychological burden—if one day it stops buying or is forced to sell, the market will interpret it as a major negative catalyst. For now, it’s still buying, so the outlook is neutral-to-bullish support.
- Medium term: When a single entity holds close to 5% of the supply, ETH’s circulating supply effectively shrinks. The logic is similar to MicroStrategy’s relationship to BTC: the stronger the coin-hoarding company, the tighter long-term supply becomes. However, you need to keep an eye on its funding chain—high-leverage hoarders fear a liquidity crisis the most.
My take
I’m inclined to be bullish on ETH. The logic is straightforward: someone is willing to keep buying for 65 consecutive weeks with an unrealized loss of $5.1 billion—meaning there are real long-term buyers. If the $2,472.3 area is within Bitmine’s cost-sensitive zone, the deeper the drop, the more aggressive its buying is likely to get. The risk is that if ETH breaks below $2,472.3, market panic could overwhelm institutional buying. Personally, I would hold and stay put, and observe whether additional purchases continue next week—once the streak is broken, short-term sentiment will likely swing.
- Asset: ETH
- Direction: Bullish 📈 Predicting an upside move
- Duration: 24 hours
$BTC $ETH #BTC #ETH
📊 Historical backtest
- After news similar to “Bitmine spent $59 million to buy 35,138 ETH and will hold 5% of ETH” (2026-06-24), ETH’s 24h price change was -3.11% — bullish prediction ❌ incorrect
- There are 77 bullish-style ETH-related news items historically; in 30 cases, the predicted direction matched the actual price action (accuracy: 39%)
#Whale
⚠️ Not investment advice