Over the past week, Bitmine has acquired 27,801 ETH, bringing its total reserve to 5.77 million ETH. This is equivalent to 4.8% of the current circulating supply of the second-largest cryptocurrency by market capitalization. Such a level of asset concentration in the hands of a single entity raises questions about market centralization and potential impact on liquidity.
Of the total reserves, 4.92 million ETH (85%) are staked. This means Bitmine is making a long-term bet on returns from validating the Ethereum network, minimizing short-term sales. This strategy is typical of institutional players who view ETH not only as a speculative instrument but also as a productive asset.
Impact of Robinhood Chain on ETH Perception
Separately, it is worth noting the statement by Bitmine Chairman Tom Lee. He emphasized that the launch of Robinhood Chain contributes to the perception of ether as full-fledged money. In his view, infrastructure projects like Robinhood Chain strengthen ETH's status as a means of payment and store of value, rather than just a token for smart contracts.
Expert commentary: Accumulating 4.8% of the total ETH supply by a single entity is a signal of high institutional confidence in the asset. However, such a level of concentration carries risks: if Bitmine decides to change its strategy and withdraw some funds from staking, the market could face sharp price pressure. For now, we are seeing a classic example of a "HODL strategy" with a bet on long-term growth and returns from PoS.