BitMine Holds 6.02M ETH, Nearing 5% Supply Target
Ethereum (ETH)
Editor:
Eugene Serbin
Techgaged.com reports that BitMine has accumulated 6,016,414 ETH, bringing its total holdings to approximately 4.9% of the Ethereum supply. As of October 4, this position is valued at roughly $16.4 billion based on a $2,726 reference price. The company describes its progress toward the "Alchemy of 5%" accumulation target as being 99% complete.
BitMine has committed more than 84% of these holdings to staking, with 5,067,309 ETH currently staked and valued at about $13.8 billion. This strategy allows the treasury to generate staking rewards while accepting associated validator and liquidity risks. The total crypto, cash, and marketable securities holdings stand at $17.4 billion, including 214 BTC and $643 million in cash.
This concentration represents a leveraged bet on Ethereum’s long-term monetary and staking economics. Owning close to 5% of the supply creates a meaningful footprint in the validator economy, even if power is distributed. The immediate market effect is a removal of supply from exchange circulation as coins are staked. The primary risk remains concentration, as a single institutional holder of this size can influence the ecosystem through financing or governance decisions.
How the market reacted
Whalio's own Binance spot order flow for ETH, measured when this story was written up on 6 October 2026. Not the outlet's figures.
ETH trades at $2,709.98 with a 24-hour buy ratio of 55.7%, indicating that buyers are dominating the volume over the full day. Short-term momentum shows a dip, with the 1-hour buy ratio falling to 48.6%, while the 4-hour ratio holds at 57.3%. The 24-hour volume delta is strongly positive at +$83,127,530, showing that net buying pressure has accumulated significantly over the day. In contrast, the 1-hour volume delta is negative at -$395,047, suggesting a brief period of net selling in the most recent hour. The cumulative volume delta (CVD) at the 24-hour close sits at +$90,584,505, confirming sustained institutional or whale interest. This flow indicates that while there is minor short-term hesitation, the broader trend remains firmly in favor of accumulation.
The latest daily buy ratio of 46.8% sits at the 16th percentile of the last 322 days, against a median of 49.5% - weaker buying than most days.
Was that an ordinary day?
The same Binance spot measurements for ETH, averaged over the days leading up to the story.
Over the preceding week, the average buy ratio was 49.8%, making today’s 24-hour ratio of 55.7% an unusually strong day for buyers. Trading volume today was 1.09x the weekly average, reflecting heightened activity compared to the previous six days. Despite this increased volume, the 8-day volume delta total was -$78,807,407, indicating that net selling pressure has dominated the broader weekly trend. Price has only risen 0.8% over eight days, showing that the recent buying has not yet translated into major upward movement. This suggests that while today is an outlier for buy intensity, the underlying weekly trend remains balanced or slightly bearish.