BitMine Immersion continued accumulating Ethereum last week, purchasing another 15,112 ETH and lifting its holdings to approximately 6.016 million tokens.
The treasury was worth around $16.16 billion at the reported market price and represented approximately 4.9% of ETH’s circulating supply.
The company said it was roughly 98.5% of the way toward its goal of holding 5% of the supply, a strategy it calls the “Alchemy of 5%.”
The latest acquisition extends BitMine’s buying streak as Ethereum consolidates following a strong third quarter.
It also contrasts with recent withdrawals from US spot Ethereum exchange-traded funds, showing that demand differs across investment channels.
While BitMine continues expanding its direct holdings, ETF investors have recently reduced their exposure.
Strong Q3 performance meets thinner liquidity
Ethereum gained more than 70% during the third quarter, marking its strongest quarterly performance since the first quarter of 2021.
BitMine Chairman Thomas Lee highlighted the advance in a Monday statement, saying ETH outperformed the S&P 500 by 6,832 basis points during the quarter.
Lee argued that the performance was particularly notable given a hawkish Federal Reserve, higher oil prices, rising global bond yields and tighter financial conditions.
However, strong returns have coincided with weaker market depth. According to CoinGecko data, Ethereum’s median market liquidity fell to approximately 35%–45% of Bitcoin’s, compared with at least 60% in 2025.
Thinner order books can amplify price movements because large purchases or sales encounter less available liquidity. That creates the potential for sharper moves in either direction, even when the broader trend remains constructive.
BitMine maintained approximately 5.067 million ETH in staking through its Made in America Validator Network, known as MAVAN, and other staking partners.
That represents roughly 84% of its reported Ethereum holdings. The company projects annualized staking revenue of $363 million, although the figure is an estimate rather than a guaranteed return.
Alongside its Ethereum treasury, BitMine reported ownership of 214 BTC, a $180 million stake in Beast Industries and a $117 million stake in Eightco Holdings, the Worldcoin treasury company trading under ORBS.
Cash and marketable securities totaled $643 million. The disclosures show staking remaining an important income source alongside the company’s accumulation strategy, while its balance sheet also includes other cryptocurrencies, corporate investments and liquid assets.
ETF withdrawals temper the demand Picture
US spot Ethereum ETFs recorded approximately $138 million in net outflows last week, according to SoSoValue data. The withdrawals followed four consecutive days of negative flows.
The outflows continued on Monday, with $50 million withdrawn from the funds. Those figures provide a counterweight to BitMine’s continued buying and Ethereum’s strong quarterly performance.
The contrast does not establish a uniform shift in institutional sentiment. It shows that one major corporate buyer is increasing its holdings while investors in another channel are withdrawing capital.
A return to sustained ETF inflows would offer additional support for demand, particularly as ETH attempts to break above nearby resistance.
Ethereum holds support as buyers eye $2,790
Ethereum held support near $2,657 over the weekend and into Monday after encountering rejection around $2,790 on Friday.
The 20-day exponential moving average sits just below that support, adding another technical reference.
A break lower could expose $2,550 and the 50-day EMA, followed by $2,432. On the upside, clearing $2,790 would bring $2,880 and then $3,066 into focus.
The Relative Strength Index remains near 59, suggesting bullish momentum after easing from overbought conditions. Traders using top cryptocurrency exchanges will also be watching whether rising volatility translates into stronger spot activity around these key levels.
CoinGlass recorded $22.5 million in liquidations over 24 hours, including $12.9 million in longs. For now, ETH’s range remains intact, with support holding but an upside breakout still unconfirmed.
The post BitMine is about to own 5% of all Ethereum: what happens to ETH next? appeared first on Invezz
