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CryptoOnchain: BitMine currently holds approximately 3% of the total Ethereum supply. Any additional buying pressure could trigger a sharp surge in the price of ETH.

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[CryptoOnchain: BitMine Currently Holds About 3% of Total Ethereum Supply, Any Additional Buying Could Trigger an ETH Price Surge] CryptoOnchain posted an analysis on X, stating that Ethereum supply squeeze is imminent? BitMine effect is emerging.

Institutional Dominance: According to reports, BitMine currently controls about 3% of the total Ethereum supply (3.7 million ETH). Net outflows from exchanges reached $1.6 billion over the past 30 days, confirming this large-scale accumulation trend.

Liquidity Continues to Dry Up: Ethereum reserves on exchanges have dropped sharply, with a single-day outflow hitting a record $3.1 billion on November 23. Currently, the number of withdrawal addresses exceeds deposit addresses by 40%, and circulating inventory is rapidly moving to cold wallet storage.

A Supply Shock Is Brewing: Record levels of staked deposits, combined with continued absorption of circulating tokens by whales like BitMine, are causing market depth to shrink. This forms a classic supply squeeze scenario—market sell orders available for trading will sharply decrease.

Conclusion: Data indicate that the current market is driven by intentional accumulation, not just passive holding. As tradable supply contracts, any new buying pressure could trigger an explosive price increase.

ETH-0.77%
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