Bitmine Nears 5% ETH Goal Amid Aggressive Buying and Bullish Sentiment

Bitmine is rapidly approaching its goal of owning 5% of Ethereum's total supply, with recent on-chain activity suggesting aggressive buying. The company has accumulated over $48 million in ETH in just 50 minutes through new wallets that match Bitmine's usual pattern of large round-number transfers and purchases through major exchanges.

According to an on-chain analyst Ai Yi, two new addresses purchased 20,000 ETH worth around $48.89 million and 10,000 ETH worth roughly $24.72 million respectively. These transactions are consistent with Bitmine's typical behavior, which includes using new addresses and buying through popular exchanges like Kraken, Coinbase, and FalconX.

Bitmine has been steadily increasing its holdings of Ethereum, crossing milestones at 4.66 million ETH in March 2026, 5.2 million in May, and nearly 5.79 million by late July. With around 187,000 ETH remaining to reach the target, Bitmine is now just shy of owning 5% of the total supply.

The accumulation has been accompanied by stronger Ethereum fundamentals, including a 59% increase in ETF holdings, a 26% fall in CEX reserves, and a 15% rise in active addresses. ETH's market structure may also be shifting, with analyst Crypto Patel noting that the ETH/BTC pair has broken its multi-month downtrend and could signal a shift from bearish to bullish.

Some analysts believe Ethereum could reach $3,000 if it manages to close above resistance around $2,500-$2,550. Market sentiment has turned sharply more bullish, with prediction markets giving ETH around a 64% chance of reaching $3,000 before falling to $1,500.