Markets· ★★★★· bearish· October 8, 07:00

Ether Drops 5% to $2,553 as BitMine Caps ETH Buys at 5% of Supply

—ETH slid from $2,700 to $2,553, its biggest one-day drop in three weeks
—$250.74 million in positions were liquidated as funding turned slightly negative
—BitMine holds 6.016 million ETH, or 4.927% of supply, worth $15.46 billion
—BitMine bought 301,000 ETH in Q3, lifting holdings from 5.7 million to 6.0 million

Why it matters: BitMine is the largest and most persistent corporate buyer of ETH, so its planned 5% cap removes a key source of spot demand.