Ethereum Whale Movement: BitMine purchased 98,852 ETH last week, with total holdings exceeding 4 million.

As the capital flow of Ethereum Spot ETF shows signs of fatigue, the actions of an institution sharply contrast with this and inject a new narrative into the market. The world's largest Ethereum corporate treasury company, BitMine Immersion Technologies, announced on December 22 that it has increased its holdings by 98,852 ETH in the past week, pushing its total Ethereum Holdings to a historic high of 4,066,062 ETH. This milestone not only solidifies its position as the “largest Ethereum treasury in the world” but may also indicate a shift in the paradigm of institutional adoption of Ethereum.

Core Data Interpretation: BitMine's Ethereum Empire Landscape

According to the official announcement, as of December 21 at 3 PM Eastern Time, BitMine's overall asset portfolio (including cryptocurrencies, cash, and strategic investments) amounts to $13.2 billion. Its specific allocation of crypto assets is as follows:

• Ethereum: 4,066,062 coins, valued at approximately $12 billion based on the current price of $2,947 on the Gate platform.
• Bitcoin: 193 coins.
• Cash Reserves: 1 billion dollars.
• Strategic Investment: An equity investment of $32 million in Eightco Holdings.

It is particularly noteworthy that the amount of ETH held by BitMine accounts for approximately 3.37% of the global circulating supply of about 120.7 million ETH, which means that for every 100 ETH in circulation, over 3 are secured by the company. The company's chairman, Tom Lee, pointed out that it took only 5.5 months to go from zero holdings to breaking through 4 million ETH, and the company is rapidly moving towards its long-term goal of controlling 5% of the global ETH supply (referred to as “5% alchemy”).

Increasing Holdings Against the Trend: Significant Divergence from ETF Capital Flow

BitMine's aggressive accumulation strategy stands in stark contrast to the recent market performance of the Ethereum Spot ETF. According to market data, since October, funds in the Ethereum ETF have been consistently flowing out, with total net assets reduced from a peak of 31 billion dollars to about 18 billion dollars. This divergence reveals two completely different institutional logics:

• ETF funds: More reflects short-term market sentiment and changes in macro liquidity, with frequent inflows and outflows.
• Corporate Treasury: Strategic holders like BitMine tend to adopt a long-term asset allocation logic of “buying on dips”, aiming to reduce the circulating supply in the public market and lay the foundation for potential price increases in the future.

This “treasury accumulation” model is shifting Ethereum's institutional narrative from a brief ETF speculative frenzy to a new phase that is more deeply tied to corporate long-term financial strategies and the development of blockchain infrastructure.

Market Impact and Future Outlook

1. Supply structure is becoming tight: Giants like BitMine are removing large amounts of ETH from circulation and holding them for the long term, effectively conducting a large-scale 'supply lockup.' Combined with Ethereum's own net issuance, which is at a historical low due to staking and burning mechanisms, the ETH available for free circulation is being continuously compressed, which may create more favorable supply and demand conditions for future price cycles.

2. Ecological Synergy and Infrastructure Layout: Tom Lee revealed that BitMine is actively advancing its own staking infrastructure “Made in America Validator Network”, aiming to launch in early 2026 to provide enterprise-level Ethereum staking services. This indicates that its substantial holdings are not a static financial investment, but a dynamic strategy to deeply engage in Ethereum network security and governance, while earning staking rewards. At the same time, the company also claims to be closely collaborating with key entities driving the forefront of DeFi development, connecting Wall Street capital with the tokenization transformation of blockchain.

3. Insights for Investors: For ordinary investors, the actions of the giant treasury provide an important market barometer. Although on-chain data analysis shows that BitMine's average cost price for ETH is around $3,884, currently in a state of unrealized loss, its strong accumulation during the price adjustment period expresses a strong confidence in the long-term value of Ethereum. This contrarian strategy, based on long-term fundamentals, is worthy of deep consideration by the market.

As of December 23, the price of Ethereum on the Gate platform is $2,947.68, with a slight adjustment in the past 24 hours. While market attention is drawn by short-term ETF fund flows, BitMine portrays another picture with its substantial increase in real capital: the deep adoption by institutions is quietly advancing in a more determined and strategic manner.