A single large holder now controls approximately 3.58% of the total ETH supply.

Recent on-chain data shows that BitMine added around 40,613 ETH (≈ $82.85M) to its treasury, bringing total holdings to roughly 4.32 million ETH, valued at more than $8.8B at current prices.

This activity appears to reflect long-term treasury allocation rather than short-term trading. A significant portion of these holdings is reportedly allocated to custody and staking, which reduces circulating liquidity. The entity has publicly indicated an objective to reach up to 5% of Ethereum’s total supply over time.

Sustained accumulation at this scale can influence market dynamics by tightening available float and reinforcing longer-term structural demand. However, broader market conditions and confirmation remain important factors to monitor.

Assessment: Constructive long-term signal, pending continuation and market confirmation.

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