Bitmine Immersion Technologies just added nearly 10,000 more Ether, lifting its total to about 5.82 million Ethereum. The company says that is roughly 4.8% of Ethereum’s circulating supply and moves it closer to its stated goal of owning 5%. With more than 5 million Ethereum reportedly staked, that is a meaningful chunk of supply sitting off the day-to-day market.
Recent Ether price action holds inside a tight band. Support sits at $1,890, resistance at $1,911. Ethereum last priced just above $1,907, contained, despite Bitmine’s latest buys.
Bitmine now holds about 5.82 million Ethereum, or roughly 4.8% of circulating supply, and Ether still has not broken out. Price is stuck in the same band, with support around $1,890 and resistance near $1,911, and it was last trading just above $1,907. So even with one company controlling nearly one-twentieth of supply, concentration by itself is not moving Ethereum day to day, at least not yet.
Bitmine pushing toward 5% of Ethereum’s supply without a breakout is the pressure point to watch next.