BitMine is accelerating its Ethereum buying campaign. Under CEO Tom Lee, the company is pushing toward a goal of holding 5% of Ethereum’s total supply, and its latest purchase was valued at $39.8 million. Lookonchain data cited in the report shows that this came shortly after BitMine bought 45,759 ETH the week before. Company executives said the firm has now reached 72% of that target.
Accumulation continues during a steep monthly pullback
The buying streak comes during a weak stretch for ETH. The report says Ethereum has fallen nearly 39% over the past month, with the token trading around $1,972. Market analyst Ted Pillows said liquidity clusters remain stable, but traders on both the long and short side are exposed to elevated liquidation risk because of aggressive positioning. BitMine appears to be treating the drop as an entry opportunity.
Spot Ethereum ETFs also posted net inflows
Institutional demand was not limited to direct purchases. Data from SosoValue showed that nine spot Ethereum ETFs recorded $48.63 million in net inflows over the same period, with no notable outflows reported. That flow suggests market interest in ETH exposure remained intact even as price volatility intensified, with both institutional and retail participants still active.
Staking contracts now hold more than half of historical ETH supply
A second major point in the report came from Santiment. Since Ethereum moved to Proof-of-Stake, the amount of ETH locked in staking contracts has climbed above 50% of the asset’s entire historical supply, described as a major moment in Ethereum’s 11-year history. As more ETH moves into staking-based security systems, liquid circulating supply becomes tighter and the amount readily available for secondary market trading falls.
Everstake said rising staking balances strengthen network security, but they also restrict trading activity in the open market. In weaker market conditions, holders may prefer to stake their ETH for yield instead of selling. The report puts Ethereum’s circulating supply at about 120 million ETH, and argues that a larger locked balance could reduce immediate selling pressure.
On-chain capital flows weakened as locked supply kept rising
The article also noted that realized capital flows over a 30-day period have turned negative across on-chain metrics. Net position changes in both Bitcoin and Ethereum are declining. Even so, the higher staking ratio continues to support Ethereum’s technical structure. With more than half of supply locked, discussion is building around tighter liquidity conditions. Santiment said the growing volume of staked ETH is a critical milestone, pointing to Ethereum’s shift toward long-term value retention supported by network security and user participation.