In the midst of ongoing selling pressure in the Ethereum market, investor sentiment has dropped to its weakest point of the year. Nevertheless, Bitmine, backed by Tom Lee, has continued to accumulate Ether and recently expanded its holdings. On-chain data indicates a single entity now holds around 4.59 percent of Ethereum’s circulating supply.
Sentiment hits lows as ETH price declines
According to CoinGecko, Ethereum traded at $1,627.67 on Tuesday, reflecting a 3.62 percent loss over the past 24 hours and an 11.97 percent drop over the last week. This downturn has been accompanied by a notably negative shift in commentary on social media platforms during the same period.
Data from Santiment shows that the ratio of positive to negative comments about Ethereum is hovering near its lowest levels of the year. The firm highlighted that expectations for further declines have become dominant in online discussions recently. Ethereum’s underperformance relative to Bitcoin and other major digital assets has contributed to this gloomy outlook.
Santiment emphasized that Ethereum sentiment has now slipped into a marked zone of fear. Similar episodes of extreme pessimism have historically come during periods of heightened selling pressure, and market expectations can sometimes run counter to future price moves.
The analytics provider also noted that debates around the Ethereum Foundation have fueled further negativity. Ongoing discussions about leadership, priorities, and statements from co-founder Vitalik Buterin have put additional strain on the market tone. The Ethereum Foundation is one of the nonprofit organizations at the core of the network’s development.
Bitmine boosts holdings by 75,000 ETH
Despite weakening sentiment, Bitmine has pressed on with sizable purchases. On-chain monitoring platform Spot On Chain reported that the company amassed an additional 75,000 ETH, worth approximately $123 million, over the past eight hours. The transactions took place through major exchanges Kraken and FalconX.
Following this move, Bitmine’s publicly known Ethereum stash has reached about 4.59 percent of the total supply. The company is reportedly targeting a 5 percent threshold. These purchases represent one of the largest visible ETH accumulation efforts currently happening on-chain.
Mini glossary: FalconX is a digital asset brokerage offering trading and liquidity services to institutional clients. Liquidity refers to the ability to execute large trades with minimal price impact.
Sharing Spot On Chain’s data, X/Twitter user Hupzy noted that Bitmine gathered 75,000 ETH through Kraken and FalconX in eight hours, lifting its identifiable holdings to about 4.59 percent of the total Ethereum supply.
Accumulation strategy signals long-term approach
Spot On Chain characterized Bitmine’s buying pattern as part of a deliberate accumulation strategy rather than short-term trading. Since the transactions were routed through major liquidity centers, their immediate price impact is likely mitigated compared to direct large-scale market purchases.
Although Ethereum’s price outlook and overall market sentiment remain weak, on-chain data makes it clear that institutional demand has not disappeared. The latest developments point to a growing divergence between short-term downward pressures in the market and the long-term positioning strategies of big players.
