BitMine Ethereum Stash Nears $8B as ETH Hits Record High
Mining firm BitMine Ethereum has accumulated a stash of 1.9 million ETH, now valued at nearly $8 billion after ETH price surged to a new all-time high above $4,200. BitMine Ethereum’s decision to hold mined coins in its treasury reflects growing miner confidence and contributes to tightening market supply. This miner hoarding trend could reduce available ETH, potentially driving further price gains and fueling bullish momentum in the crypto market.
Bullish
BitMine Ethereum’s large-scale accumulation demonstrates strong miner confidence and reduces circulating supply. Historically, miner hoarding has coincided with bullish rallies, such as during ETH’s 2021 peak when miners held back supply. In the short term, this behavior can heighten price volatility and momentum. Over the long run, sustained miner reserves limit sell-side pressure, supporting continued upward movement in ETH prices.