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Bitmine Immersion now controls 3.4 percent of Ethereum supply, signaling strong long-term institutional confidence.
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Ethereum exchange balances fall to 16.3 million as institutions steadily lock away supply tokens.
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Despite heavy accumulation, Ethereum price dips 4% and trades below key $3,200 level.
Bitmine Immersion, led by Tom Lee, has now accumulated a 3.4% share of the total Ethereum circulating supply. As Bitmine emerged as one of the largest $ETH holders, exchange supply dropped sharply, with only 16.3 million $ETH left for trading.
Despite this strong accumulation, Ethereum’s price has slipped by around 4%, trading below the $3,200 level.
Bitmine Holds 3.4% of Ethereum Supply
According to the latest data, Bitmine Immersion now controls more than 4.167 million $ETH, equal to about 3.4% of Ethereum’s circulating supply. With a value of nearly $13.32 billion, this makes Bitmine one of the largest $ETH holders in the world.
Bitmine’s steady accumulation over recent months clearly aligns with Chairman Tom Lee’s long-term vision of owning close to 5% of Ethereum’s total supply. The slow and consistent buying shows a long-term belief in $ETH, not a short-term trading move.
Other institutions are also building positions. Sharplink, for example, holds around 864,000 $ETH, worth roughly $3.1 billion, giving it about 0.7% of the total supply.
On top of that, spot Ethereum ETFs have gathered nearly $19.7 billion in holdings since launch, adding further pressure on available supply.
$ETH Supply on Exchanges Keeps Shrinking
With institutions locking away large amounts of $ETH, exchange balances are falling. According to CryptoQuant data, only about 16.3 million $ETH remain on exchanges for trading.
When fewer coins are available for trading, even small increases in demand can have a strong impact on price over time.
Ethereum Price Is Still Struggling
Despite strong accumulation and shrinking exchange balances, Ethereum’s price has slipped recently, trading near $3,200, down around 4% on the day. This recent drop followed ongoing geopolitical tension after Donald Trump threatened 10% tariffs on several European countries.
Indeed, the technical chart hint bullish upside for $ETH. According to popular trader Merlijn the Trader, Ethereum is now “coiled,” with several bullish signals.
His chart highlights a falling wedge breakout, a double bottom, and improving momentum. According to him, $3,300 is the key level. As long as Ethereum stays above it, the bullish setup remains intact.
If this level holds, $ETH could move higher toward the $3,900 to $4,000 range, which stands as the next major target.