As institutional accumulation gains momentum in the Ethereum ecosystem, Bitmine Immersion, led by Tom Lee, now holds 3.4 percent of the total ETH supply in circulation. While the accelerated purchases in recent months have sharply reduced the amount of ETH on the exchanges, there has been a short-term retreat on the price side. The market, which is under the pressure of global geopolitical developments, is having difficulty finding direction despite the strong supply contraction. However, technical indicators indicate that the upward potential can be maintained in the medium term.
Bitmine Immersion’s Share in Ethereum Is Growing Rapidly
According to the current data shared, Bitmine Immersion controls approximately 3.4 percent of Ethereum’s circulating supply by holding over 4.167 million ETH. At current prices, the total value of these assets is close to $13.3 billion, making the company among the largest ETH holders globally. The fact that the accumulation occurred not through one-time aggressive transactions but through stable purchases lasting months shows that the company’s strategy is based on long-term positioning rather than short-term profit.
Tom Lee, Chairman of the Board of Directors of the company, clearly stated in his previous evaluations that he aims to reach approximately 5 percent of the total Ethereum supply. The latest figures reveal that planned and disciplined progress is being made towards this goal. The trend of institutional investors to position ETH as a reserve asset has the potential to permanently change the liquidity structure within the Blockchain.
Besides Bitmine Immersion, other institutional players are also increasing positions on the Ethereum side. The fact that Sharplink holds 0.7 percent of the total supply with approximately 864,000 ETH and that spot Ethereum ETFs have accumulated $19.7 billion in assets since launch stand out as factors that further limit the amount of free circulation in the market.
Prices Came Under Pressure as Supply in Stock Exchanges Shrinks
With the intensification of corporate purchases, the amount of ETH that can be traded on exchanges has decreased rapidly. According to CryptoQuant data, the amount of ETH remaining in central exchanges decreased to 16.3 million units. This emerging picture indicates that even limited increases in demand can have a strong impact on the price over time.
Despite this squeeze on the supply side, the price of ETH remained under pressure in the short term and lost around 4 percent, falling below $3,200. It seems that the geopolitical uncertainties triggered by Donald Trump’s 10 percent tariff threat against some European countries were effective in the decline in prices. The weakening in global risk appetite also created temporary selling pressure on cryptocurrencies.
On the technical analysis front, there are more optimistic signals. Analyst Merlijn the Trader, who is closely followed in the markets, reported that a falling wedge breakout, double bottom formation and improvement in momentum indicators were detected on the Ethereum chart. According to the analyst, the $ 3,300 level is the critical threshold. According to him, if this level is maintained, the $ 3,900-4,000 band may be the next important target.
