Ethereum
Bitmine Approaches 5% ETH Target With Fresh Accumulation
Bitmine is aggressively buying Ethereum and nearing its goal of owning 5% of total ETH supply.
On-chain data shows Bitmine purchased 20,000 ETH in 50 minutes and another 10,000 ETH through separate wallets, consistent with its typical acquisition patterns. The company now holds 5,847,611 ETH valued at approximately $15 billion, according to analyst Ai Yi, leaving it roughly 187,000 ETH short of its 5% target of 6.04 million ETH.
Bitmine's holdings have grown steadily, rising from 4.66 million ETH in March to nearly 5.85 million by late July. The accumulation strategy includes staking approximately 87% of its holdings, which Bitmine expects will generate around $330 million in annual staking revenue.
The buying activity coincides with a sharp rally in Ethereum's price. ETH gained roughly 31.5% over seven days, outperforming Bitcoin's 24% rise. Analyst Ali Martinez noted that since July, Ethereum has climbed 64.20% compared with Bitcoin's 40.70%. Observers attributed the strength to improved fundamentals, including a 59% increase in ETF holdings, a 26% decline in exchange reserves, 15% more staked ETH and a 30% rise in active addresses.
Crypto Patel reported that ETH/BTC has broken a multi-month downtrend, potentially signalling a shift from bearish to bullish structure, with key retest zones identified at 0.0270–0.0260.
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