CryptoOnchain: BitMine currently holds about 3% of the total Ethereum supply, and any additional buying pressure could trigger a surge in ETH prices.
Jinse Finance reported that CryptoOnchain posted an analysis on X, stating: Is an Ethereum supply squeeze imminent? The BitMine effect emerges, with institutions taking the lead: According to reports, BitMine currently controls about 3% of the total Ethereum supply (3.7 million ETH). In the past 30 days, net outflows from exchanges reached $1.6 billion, confirming this large-scale accumulation trend. Liquidity continues to dry up: Ethereum reserves on exchanges have dropped sharply, with a single-day outflow on November 23 soaring to $3.1 billion, setting a historical record. Currently, the number of withdrawal addresses exceeds deposit addresses by 40%, and circulating inventory is rapidly moving to cold wallet storage. A supply shock is brewing: Record-high staking deposits, combined with continued absorption of circulating tokens by whales like BitMine, are causing market depth to shrink. This constitutes a typical supply squeeze scenario—tradable sell orders in the market will decrease sharply. Conclusion: Data indicates that the current market is exhibiting active accumulation behavior, rather than simple holding. As tradable supply contracts, any new buying pressure could trigger an explosive price surge.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Bank of America warns: Federal Reserve's dovish rate cuts may impact year-end stock market rally
CertiK: USPD contract attack resulted in a loss of approximately $1 million, with the entire attack lasting 2 months
