On-chain activity indicates that Bitmine is approaching its target of acquiring 5% of the total Ethereum supply, following a series of large purchases. According to on-chain analyst Ai Yi, recent transactions included one new wallet accumulating 20,000 ETH valued at approximately $48.89 million, and another acquiring 10,000 ETH worth roughly $24.72 million. These addresses match Bitmine's established patterns of using new wallets, large round-number transfers, and purchases through exchanges such as Kraken, Coinbase, and FalconX.
With last week's addition of 32,447 ETH, Bitmine's total holdings have reached 5,847,611 ETH, valued at around $15 billion. The company's ultimate target of owning 5% of the total ETH supply equates to roughly 6.04 million ETH, leaving it approximately 187,000 ETH away from its goal. Bitmine held about 4.66 million ETH in March 2026, crossing 5.2 million in May and reaching nearly 5.79 million by late July. Furthermore, approximately 87% of these holdings—around 5.07 million ETH—are currently staked, generating an anticipated annual staking revenue of about $330 million.
The accumulation coincides with broader market movements for Ethereum, which gained over 30% over the course of a week. Analyst Ali Martinez reported that ETH has risen significantly since the July market bottom. Additional market data points to a 59% increase in ETF holdings, a 26% decline in centralized exchange reserves, a 15% rise in staked ETH, and a 30% increase in active addresses.
Analyst Crypto Patel noted that the ETH/BTC trading pair has broken its multi-month downtrend to form a higher high. Meanwhile, Bitmine chairman Tom Lee compared Ethereum's recent weekly gains to historical breakout periods, citing easier financial conditions, stronger U.S. crypto support, and Treasury purchases as positive factors for the outlook.
Market sentiment has shifted, with prediction markets placing a 64% probability on Ethereum reaching $3,000 before dropping to $1,500. Analysts observe that Ethereum is currently confronting resistance around the $2,500 to $2,550 range, and a weekly close above this threshold could pave the way for a further push toward the $3,000 level.
