CryptoOnchain: BitMine currently holds approximately 3% of the total Ethereum supply. Any additional buying pressure could trigger a sharp surge in the price of ETH.

Jinse Finance reports that CryptoOnchain analyzed on X platform: Is an Ethereum supply squeeze imminent? The BitMine effect emerges.

Institutional dominance: Reports indicate that BitMine currently controls about 3% (3.7 million ETH) of Ethereum’s total supply. In the past 30 days, net outflows from exchanges have reached $1.6 billion, confirming this large-scale accumulation trend.

Ongoing liquidity drain: Ethereum reserves on exchanges have dropped sharply, with a record single-day outflow of $3.1 billion on November 23. Currently, the number of withdrawal addresses exceeds deposit addresses by 40%, and circulating inventory is rapidly moving to cold storage wallets.

Supply shock brewing: A record high in staked deposits, combined with continued accumulation of circulating supply by whales like BitMine, is causing market depth to shrink. This creates a typical supply squeeze scenario—tradeable sell orders in the market will drop sharply.

Conclusion: Data shows that the current market is exhibiting proactive accumulation behavior, not just simple holding. As tradable supply shrinks, any new buying pressure could trigger an explosive price surge.