Bitmine Immersion, led by Tom Lee, has now accumulated a 3.4% share of the total Ethereum circulating supply. As Bitmine emerged as one of the largest ETH holders, exchange supply dropped sharply, with only 16.3 million ETH left for trading.

Despite this strong accumulation, Ethereum’s price has slipped by around 4%, trading below the $3,200 level.

Bitmine Holds 3.4% of Ethereum Supply

According to the latest data, Bitmine Immersion now controls more than 4.167 million ETH, equal to about 3.4% of Ethereum’s circulating supply. With a value of nearly $13.32 billion, this makes Bitmine one of the largest ETH holders in the world.

Bitmine’s steady accumulation over recent months clearly aligns with Chairman Tom Lee’s long-term vision of owning close to 5% of Ethereum’s total supply. The slow and consistent buying shows a long-term belief in ETH, not a short-term trading move.

Other institutions are also building positions. Sharplink, for example, holds around 864,000 ETH, worth roughly $3.1 billion, giving it about 0.7% of the total supply. 

On top of that, spot Ethereum ETFs have gathered nearly $19.7 billion in holdings since launch, adding further pressure on available supply.

ETH Supply on Exchanges Keeps Shrinking

With institutions locking away large amounts of ETH, exchange balances are falling. According to CryptoQuant data, only about 16.3 million ETH remain on exchanges for trading. 

When fewer coins are available for trading, even small increases in demand can have a strong impact on price over time.

Ethereum Price Is Still Struggling

Despite strong accumulation and shrinking exchange balances, Ethereum’s price has slipped recently, trading near $3,200, down around 4% on the day. This recent drop followed ongoing geopolitical tension after Donald Trump threatened 10% tariffs on several European countries.

Indeed, the technical chart hint bullish upside for ETH. According to popular trader Merlijn the Trader, Ethereum is now “coiled,” with several bullish signals. 

His chart highlights a falling wedge breakout, a double bottom, and improving momentum. According to him, $3,300 is the key level. As long as Ethereum stays above it, the bullish setup remains intact. 

If this level holds, ETH could move higher toward the $3,900 to $4,000 range, which stands as the next major target.

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