Bitmine Buys 12,532 ETH, Nears 5% of Ethereum Supply

The decelerating weekly purchases matter more than the headline accumulation: a treasury vehicle approaching a meaningful share of supply is doing so at a slowing pace, which suggests the buying is increasingly price-sensitive rather than mechanical. The decline in position value despite continued purchases also cuts against the usual 'accumulation signal' reading, since the mark-to-market is moving against the holder. What's worth watching is whether the weekly cadence keeps shrinking as the position nears the 5% threshold, since proximity to that level invites scrutiny over concentration and disclosure that a smaller holder would never face.