Ethereum
BitMine approaches its Ethereum limit as spot ETFs record persistent outflows
BitMine Immersion Technologies is nearing its target cap on Ethereum holdings just as spot ETH exchange-traded funds register prolonged capital withdrawals.
BitMine Immersion Technologies is approximately 6.2 weeks away from reaching its self-imposed limit on Ethereum accumulation. The company, which uses ETH as its primary treasury asset, recently purchased 12,532 ETH for roughly $31.7 million, bringing its total reserves to 6,028,946 ETH worth about $15.2 billion. This represents roughly 4.94% of circulating Ethereum supply.
The firm's chairman has indicated that purchases will halt once BitMine holds 5% of the total circulating supply, leaving 77,442 ETH left to buy at its current weekly pace. Because the ceiling is tied to total supply rather than dollar value, future price declines will not extend the accumulation program, though the company retains the flexibility to slow or pause purchases before hitting the threshold.
At the same time, institutional demand through spot Ethereum exchange-traded funds has softened, with the products posting nine consecutive days of net outflows through October 6, including a single-day withdrawal of $202 million. According to SoSoValue data cited in the report, Ethereum funds collectively hold $15.86 billion in net assets. ETH traded at $2,531 at the time of reporting, down 6.2% on the week and 48.8% below its record peak.
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