Bitmine Just Locked $340M More In Ethereum – Supply Keeps Shrinking

Ethereum is testing $2,000. The market is uncertain. And a few hours ago, one institution decided that uncertainty was the right time to commit another $340 million. Data from Arkham Intelligence has identified a transaction that stands in direct contrast to the current market mood: Bitmine staked an additional 167,578 ETH — approximately $340 million — within the last several hours. This was not a purchase. It was a commitment. Staking ETH means locking it, removing it from circulation, and declaring that it will not be sold. At $2,000, during a period when most market participants are questioning whether that level holds, Bitmine chose to deepen its position rather than reduce it. The cumulative context makes the move even more consequential. It is a structural bet on Ethereum’s long-term value, built transaction by transaction, at prices the broader market has treated as a reason to hesitate. Every ETH that Bitmine stakes is ETH that cannot be sold. At $2,000, with exchange supply already contracting, that distinction matters more than it would at any other point in the cycle. One Institution Is Not Waiting for the Recovery. It Is Funding It Bitmine’s latest transaction of 167,578 ETH brings its total staked position to 3,310,221 ETH, now valued at approximately $6.72 billion. That figure is not a portfolio allocation. It is an institutional declaration made across multiple transactions, at multiple price points, through one of the most difficult periods Ethereum has experienced in recent memory. Each stake was a choice. Together, they form an argument about where ETH goes from here. The market Bitmine is betting on is fragile. Ethereum is navigating a delicate price level around $2,000 — a zone that has absorbed significant selling pressure and is now attempting to form the base of a recovery. The broader market is trying to stabilize after months of sustained downside, and every session at this level is a test of whether buyers have enough conviction to defend it against renewed pressure. Bitmine has answered that question for itself. $6.72 billion in staked ETH is the most unambiguous expression of conviction available in this market. The only question left is whether the price eventually agrees. Ethereum Tests Macro Support as Structure Weakens Ethereum is trading near the $2,000–$2,100 region, a level that now acts as a critical macro support after the recent breakdown from the $3,000 range. The weekly chart shows a clear shift in structure, with ETH failing to hold above the 50-week and 100-week moving averages, both of which are beginning to flatten and turn into resistance. The rejection from the $3,500–$4,000 region marked a decisive loss of bullish momentum, followed by a sharp move lower that tested the 200-week moving average, currently sitting below the $2,000 level. Price has since bounced slightly, but remains compressed just above this long-term trend indicator. This positioning is important. Historically, the 200-week moving average has acted as a strong support during corrective phases. Holding above it would suggest that Ethereum is undergoing a deep retracement within a broader uptrend. Losing it, however, would signal a structural breakdown with potential for extended downside. Volume spikes during the selloff point to capitulation or forced liquidations, while the recent stabilization indicates that selling pressure is being absorbed, but without clear bullish expansion. Structurally, Ethereum is at an inflection point. A reclaim of $2,500 would shift momentum, while sustained weakness below $2,000 would expose lower liquidity zones. Featured image from ChatGPT, chart from TradingView.com