Ethereum Price Prediction: Bitmine Is 6 Weeks From Its ETH Goal and May Stop Buying
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Bitmine holds 4.29% of ETH supply and is buying 100,000 ETH weekly; at this pace it will hit a 5% accumulation target in ~6 weeks and then slow purchases, reducing a key demand driver for crypto markets. Mid-tier whales (1,000–10,000 ETH) have sold 3.43M ETH since Oct 2025 (−21.5%), creating a persistent ETH supply overhang that pressures price and liquidity. ETH trades at $2,281 on May 9; daily chart shows a rising wedge with Supertrend support at $2,138 and CMF −0.13, indicating capital outflows and heightened downside technical risk.
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- Bitmine holds 4.29% of ETH supply and is buying 100,000 ETH weekly, putting its 5% accumulation target just six weeks away before purchases slow
- Mid-tier whales holding 1,000 to 10,000 ETH have offloaded 3.43M ETH since October 2025, a 21.5% drop that creates a persistent supply overhang
- ETH Supertrend support holds at $2,138 but the CMF at -0.13 shows capital is still leaving, not entering
Ethereum trades at $2,281 on May 9, stuck inside a rising wedge on the daily chart as Bitmine chairman Tom Lee signals the firm’s historic ETH buying spree is weeks away from slowing, removing one of the market’s most consistent demand drivers.
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