In the Ethereum ecosystem, institutional accumulation is gaining momentum as Bitmine Immersion, led by Tom Lee, now holds 3.4% of the total circulating ETH supply. Recent months have shown a sharp decline in the amount of ETH on exchanges due to accelerated purchases, although there has been a short-term price retracement. Despite the strong supply contraction, the market is struggling to find direction amidst global geopolitical pressures. However, technical indicators suggest that the medium-term upward potential can still be maintained.
Bitmine Immersion’s Rapid Growth in Ethereum
According to recent data, Bitmine Immersion controls approximately 3.4% of Ethereum’s circulating supply, holding over 4.167 million ETH. At current prices, these holdings are valued at nearly $13.3 billion, positioning the company among the largest ETH holders globally. This accumulation results from months of consistent purchases, indicating a strategy focused on long-term positioning rather than short-term gains.
Tom Lee, the Chairman of the Board, previously expressed an intention to acquire up to 5% of the total Ethereum supply. Recent figures demonstrate a planned and disciplined progress toward this goal. The tendency of institutional investors to position ETH as a reserve asset holds the potential to permanently alter the liquidity structure within the Blockchain.
Besides Bitmine Immersion, other institutional players are also increasing their positions in Ethereum. Sharplink, for example, holds approximately 864,000 ETH, accounting for 0.7% of the total supply, and spot Ethereum ETFs have accumulated $19.7 billion in assets since their launch, further tightening the circulation in the market.
Exchange Supply Drops as Price Pressure Intensifies
The intensifying corporate acquisitions have rapidly decreased the ETH amount available on exchanges. Data from CryptoQuant indicates that the remaining ETH on centralized exchanges has dropped to 16.3 million units. This scenario suggests that even limited demand increases could have a powerful impact on prices over time.
Despite the supply constraints, ETH’s price has recently come under pressure, decreased by about 4%, and dropped below $3,200. Geopolitical uncertainties intensified by Donald Trump’s 10% tariff threat on some European countries appear to have influenced the price pullback. Weak global risk appetite temporarily exerted selling pressure on cryptocurrencies.
On the technical analysis front, more optimistic signals are emerging. A closely watched analyst, Merlijn the Trader, has reported a falling wedge breakout, double-bottom formation, and momentum improvement on Ethereum’s charts. According to the analyst, the $3,300 level is a critical threshold. He suggests that maintaining this level could lead to a subsequent target range of $3,900–$4,000.
