BitMine Nears 5% Ethereum Ownership Amid Strong Q3 Performance
BitMine is nearing its goal of holding 5% of Ethereum's circulating supply, with its latest purchase adding 15,112 ETH last week. The company now holds approximately 6.016 million ETH, valued at around $16.16 billion, which represents about 4.9% of the total supply. This acquisition continues BitMine's buying streak amid Ethereum's strong performance in the third quarter, where it surged by more than 70%. The company's strategy contrasts with recent withdrawals from US spot Ethereum exchange-traded funds, highlighting differing demand across investment channels.
Ethereum's liquidity has thinned, with median market liquidity falling to approximately 35%, 45% of Bitcoin's, compared to at least 60% in 2025. This thinner liquidity can amplify price movements, making the cryptocurrency prone to sharper swings. BitMine Chairman Thomas Lee noted Ethereum's outperformance of the S&P 500 by 6,832 basis points during the quarter, despite challenging economic conditions. The company also reported significant staking revenue, projecting annualized earnings of $363 million from its staking activities.
Technical analysis shows Ethereum holding support near $2,657, with resistance at $2,790. A break above this level could target $2,880 and then $3,066. However, failure to hold support could lead to a slide toward $2,550 or $2,432. The Relative Strength Index remains near 59, indicating bullish momentum. Traders are also watching for rising volatility, which could influence spot activity around these key levels.
Despite BitMine's continued accumulation, US spot Ethereum ETFs saw approximately $138 million in net outflows last week, followed by another $50 million on Monday. This contrast in demand highlights the differing sentiments between corporate buyers and ETF investors. A return to sustained ETF inflows could provide additional support for Ethereum's price as it attempts to break above resistance levels.