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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.
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