Analyst Blames Ethereum Weakness on BitMine's ETH Accumulation
- —BitMine holds 4.9% of ETH supply, about 100,000 ETH short of its 5% cap
- —Tom Lee said BitMine will halt ETH purchases once it reaches 5% of supply
- —ETH is 47.95% below its record high of $4,953.73 set on August 24, 2025
- —BTC is 33.63% below its peak, a gap of more than 14 percentage points
Why it matters: If BitMine stops buying, the largest corporate ETH accumulator exits the bid, potentially adding pressure on ether's price.
Source: BeInCrypto RU