- Bitmine moves closer to controlling 5% of ETH supply with massive inflows
- Whale activity signals growing conviction despite short-term price weakness
- Over 3.3 million ETH already staked, generating strong yield
Bitmine is quietly pushing deeper into Ethereum, and the scale is starting to stand out in a big way. A fresh wave of inflows tied to three wallets flagged on April 23 suggests the firm may have added even more ETH, though those addresses haven’t been officially confirmed just yet.
Still, the timing lines up almost perfectly with Bitmine’s aggressive accumulation strategy, which has been accelerating over the past few weeks.
Bitmine Edges Closer to Its 5% Target
Just days earlier, the firm disclosed it had purchased 101,627 ETH in a single week, worth roughly $239 million at current prices, which is not exactly a small move. That pushed its total holdings to around 4.976 million ETH, or about 4.12% of the circulating supply, already a massive position by any standard.
If the latest inflows are indeed tied to Bitmine, the company would cross the 5 million ETH mark for the first time, bringing it within striking distance of its goal to control 5% of all circulating ETH. It’s an ambitious target, and at this pace, it doesn’t feel that far off anymore.
Staking Machine Keeps Generating Yield
What makes this strategy more interesting is that a large portion of those holdings isn’t just sitting idle. Around 3.33 million ETH is already staked, generating an estimated $221 million in annualized revenue, which gives Bitmine a steady yield layer on top of its accumulation play.
That combination of long-term positioning and income generation is part of what sets this approach apart, even if it comes with its own risks.
Whales Are Moving Alongside Bitmine
Bitmine isn’t alone in this trend, and that might be the bigger signal here. On-chain data shows multiple large players pulling significant amounts of ETH off exchanges, including one wallet that withdrew 35,000 ETH before moving it to BitGo, and another that shifted 18,000 ETH to the same custodian.
There’s also evidence of active repositioning, with one whale buying back thousands of ETH at higher prices after previously selling, which suggests underlying confidence even as the market hesitates.
Price Action Still Catches Its Breath
Ethereum briefly climbed above $2,400 before pulling back, now trading closer to $2,330 and down slightly on the day. That kind of movement reflects a market that’s still unsure in the short term, even as accumulation builds in the background.
Some analysts, including Bitmine chairman Tom Lee, believe the recent slowdown could be nearing its end, pointing to milder drawdowns compared to previous cycles. If that view holds, this quiet accumulation phase might end up looking more important in hindsight than it does right now.
