Ethereum Price in Limbo as Bitmine Inches Away From Its 5% Supply Target

Ethereum price is trading at $1,880, down 3.3% on the day after slipping from recent highs. The market remains caught between steady institutional accumulation and weak short-term momentum. Even so, one buyer has become large enough to influence Ethereum’s circulating supply.

Crypto treasury firm BitMine Immersion Technologies said its Ethereum holdings have reached 5.79 million ETH, putting it close to its goal of owning 5% of the circulating supply. Combined crypto holdings, cash, marketable securities, and strategic investments now total $11.8 billion.

Chairman Tom Lee pointed to the ETH/BTC ratio reaching a three-month high as support for the firm’s strategy. He also highlighted $2,000 and $2,500 as the next key levels for Ethereum. Meanwhile, about 4.92 million ETH is staked through BitMine’s MAVAN platform, with projected annualized staking rewards of $299 million once fully deployed.

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