Bitmine nears 5% of Ethereum supply despite $8.4B in unrealized losses
Bitmine hoarding 5% of all ETH while sitting on $8.4B of paper losses is peak crypto. I’ve held bags that made me feel ill, but this is a whole different level of diamond-handed delusion. ETH is hanging around $1,899, up a measly 0.5% today, and this whale is basically the market’s anchor — not letting price drop too far because they refuse to sell, but also not letting it rip because everyone knows this overhang exists. My take: this is bullish in the dumbest way possible. The supply squeeze is real if they never dump, but that’s a massive if.
The risk is obvious — one forced liquidation or a change in their strategy and we’re looking at a 109,000-transaction Harmony-style rollback moment, just for ETH prices. Compared to SOL at $76 with its own staking drama, ETH at least has the institutional trust charter vibe going for it, but Bitmine is the elephant in the room that could crush the party. I’d rather watch from the sidelines than sit next to that bag.