Ethereum Slides 5% Over the Week as Bitmine Signals an End to ETH Accumulation
AI Market Summary
Bitmine signaled it will stop accumulating ETH after reaching a 5% circulating-supply target, reducing a large, price-insensitive source of demand after recent $41m purchases. Concurrently, US spot ETH ETFs have posted six straight sessions of outflows, reinforcing risk-off flows. The combination of waning corporate bid and persistent ETF redemptions aligns with the week's 5% ETH drawdown toward ~$2,500 and may pressure near-term liquidity.
Impact level
● High
Affected assets
ETH/USDT-0.98%
AI Insight · ETH/USDTAI Insight
▼ Bearish
Trade now
⚠️ AI-generated insights are based on news content and are provided for informational purposes only. They do not constitute investment advice or represent the views of BingX. Investing involves risk. Please trade responsibly.
Bitmine's chairman said at TOKEN2049 in Singapore that the company still needs to buy roughly 100,000 ETH to reach its target of owning 5% of circulating supply, after which it plans to halt further purchases. Bitmine currently holds about 6.016 million ETH, representing approximately 4.9% of supply. Over the past week, the firm bought around $41 million worth of ETH.
In the U.S., spot Ethereum ETFs have logged net outflows for six consecutive sessions. Against this backdrop, ETH fell about 5% on the week, slipping to around $2,500.
