Bitmine holds 4.9% of Ethereum supply after 65-week buying streak

One entity now accounts for 4.9% of the total Ethereum supply, and the accumulation behind that number has run without interruption for 65 consecutive weeks. Bitmine added 53,500 ETH in its most recent purchase, extending a buying streak maintained through a prolonged crypto downturn. The position carries $5.1 billion in paper losses.

The positioning read is the story. At 4.9% of outstanding supply, Bitmine holds a nine-figure unrealized loss on $ETH. The paper loss implies an average cost basis above where Ethereum has been trading, and the weekly buying has continued regardless. Sixty-five consecutive weeks is enough time to mark this as a commitment, not a trade.

The streak ran through sustained weakness. Bitmine maintained the accumulation strategy through a prolonged crypto downturn, adding to the position throughout. The $5.1 billion figure is unrealized, but it is the number any future disclosure will be read against.

The setup for $ETH

At 4.9% of supply, the holding registers in the float picture. A holder that size absorbing coins for 65 consecutive weeks through a downturn concentrates Ethereum supply. Whether the broader market has priced that concentration is the setup question going into the next disclosure.

What to watch

The next concrete development is a filing or public update that revises Bitmine's ETH total or signals any change in the weekly buying pace. The 65-week streak is the baseline. A break in that cadence is the print to track.

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