Bitmine accumulates 4.9% of ETH supply

Bitmine's persistent accumulation, despite deep paper losses, signals a conviction play that could reshape ETH's float dynamics. The 65-week streak suggests a balance-sheet strategy insulated from short-term price action, which may reduce available supply and tighten liquidity over time. For market observers, the key question is whether this buying pressure can offset broader bearish sentiment, or if it merely delays a re-rating. Watch whether other large holders mimic this counter-cyclical approach, as that would amplify the impact on ETH's market structure.