Ethereum’s largest holders have been adding more ETH while its supply falls. This is an interesting setup for the market because fewer coins on exchanges can sometimes make price moves wild with improved demand.
Things are heating up!
Bitmine’s ETH holdings rise to 5.54 million
Bitmine has added another 126,971 ETH over the past week. That takes its total Ethereum holdings to 5.54 million ETH.
They now own about 4.59% of Ethereum’s circulating supply.
Here, what’s interesting is that out of its total ETH reserves, 4.72 million ETH is staked. Clearly, the approach is long-term.
The company also reported total crypto and cash holdings of $9.6 billion, including $247 million in cash.
ETH supply dips by 475K
However, this came as exchange supply dipped across Binance, OKX, Gemini and Bitfinex. The fall was by roughly 475,000 ETH in early June.
This was not limited to one exchange either. Binance and Bitfinex saw the largest absolute drops while OKX recorded the biggest percentage fall.
Gemini also saw a smaller decline.
As it is, there didn’t seem to be a lot of indictors to foresee a rally. However, if demand improves and supply keeps falling, then we might be ready to go up!
ETH sellers in control
All that being said, Ethereum still has work to do. At press time, ETH was trading near $1,682 after a slide on the charts. The trend looked like it was under pressure too.
AMBCrypto previously reported that ETH had fallen below key whale cost-basis levels, leaving many large holders in unrealized losses. Hence, liquidation pressure will be a risk in the near term.
At the time of writing, the RSI proved that ETH was in oversold territory. This could mean a short-term bounce or a trend reversal in time.The DMI also showed that selling pressure was stronger than buying strength.
Simply put, a tighter setup seemed to be underway. However, it will be some time before we know if ETH can recover.
Final Summary
- Bitmine added 126,971 ETH, taking its total Ethereum holdings to 5.54 million ETH.
- ETH exchange reserves fell by 475K ETH.