BitMine Adds 5,000 More ETH and Moves Within Reach of Owning 5% of Ethereum’s Supply

BitMine picked up another 5,000 ETH, worth roughly $11.22 million, about six hours before the data surfaced. That raises its total to around 6.065 million tokens, valued near $13.7 billion. The stash now equals about 4.96% of circulating supply, leaving the company just short of the 5% mark it has been chasing.

Ethereum Price Outlook and Key Support Levels

Short term, the picture looks mixed. Ether’s RSI sits at 25.58, which signals oversold conditions, yet the MACD is negative and the price remains under its 20 day moving average, so a reversal is not confirmed. Holding $2,204 could open a bounce toward $2,300, while a slip may send it below $2,170. Selling pressure from BitMine’s buying is likely to be offset by ETF outflows and general altcoin weakness.

Over the medium term, the nearing 5% stake may feed hopes of a smaller circulating supply and more staking. A long to short ratio of 2.67 on futures looks favorable, but neutral funding rates, falling volume and Bitcoin dominance at 59.27% limit altcoin recovery.

What Investors Are Watching Next

Attention now turns to whether BitMine keeps buying after crossing 5% and what that says about institutional demand for Ether.