Bitmine Re-Deposits 82,560 ETH, Worth $259 Million, As Staking Activity Reshapes Ethereum Supply Dynamics

Bitmine Immersion Technologies has re-deposited 82,560 ETH into staking contracts, adding to its growing Ethereum treasury. The deposit is valued at approximately $259 million, based on current prices. This move follows recent large inflows into the company's staking position, which now totals over 4.07 million ETH, representing roughly 3.36% of the total supply.

The company's activity is part of a broader trend in which institutional investors are increasingly staking Ethereum. Data shows that Ethereum's staking queue has expanded, with over 739,824 ETH waiting to be staked and only 349,867 ETH in the withdrawal queue. This imbalance suggests a shift toward longer-term positioning rather than short-term liquidity needs.

Ethereum's staking activity is tightening the available supply of ETH on exchanges. Staking locks ether in smart contracts, removing it from immediate trading. With roughly 28.88% of the total supply already staked, this trend could influence price movements by reducing liquidity. Analysts say this dynamic becomes more significant during periods of low trading volume.

Why Did This Happen?

Bitmine's aggressive accumulation strategy reflects its long-term confidence in Ethereum. The firm has publicly stated a goal of reaching a 5% stake in the total ETH supply. Recent on-chain data supports this strategy, showing that in December alone, Bitmine moved 29,462 ETH from BitGo and Kraken wallets, valued at around $88 million at the time.

The company's buying activity has continued even as Ethereum has traded below $3,000 for much of December 2025. Despite this, Bitmine has added more than 407,000 ETH in the past 30 days. Its approach involves dollar-cost averaging, a method designed to smooth out price volatility.

How Did Markets React?

Ethereum ETF flows have shown mixed signals recently. On December 30, 2024, U.S. spot ETH ETFs recorded a net inflow of $67.8 million, ending a four-day streak of outflows. Grayscale's Ethereum Trust led the inflows with $50.19 million, followed by the Ethereum Mini ETF and Fidelity's Wise Origin fund.

However, more recent data shows some volatility. On December 28, 2025, BlackRock's Ethereum ETF saw a $22.1 million outflow. This suggests that institutional sentiment is shifting, with some investors taking profits or reallocating capital amid year-end portfolio adjustments.

What Are Analysts Watching Next?

Analysts are closely monitoring how staking activity affects Ethereum's price. As staking removes ETH from the market, it reduces the amount available for trading. This could amplify price movements, especially during periods of low liquidity. With over 745,000 ETH queued for staking and only 360,000 ETH waiting to exit, the imbalance is significant.

Institutional confidence is also a key factor. While ETF flows have fluctuated, on-chain metrics like Coin Days Destroyed remain subdued, indicating limited distribution activity from long-term holders. This suggests that large investors are maintaining their positions despite Ethereum's price being below $3,000 for an extended period.

Hong Kong-based investment firm Trend Research has continued to accumulate ETH, pushing its holdings to over $1.8 billion. Its founder has expressed optimism for 2026, citing potential for rate cuts and favorable crypto policy developments. However, not all analysts share this bullish outlook. Fundstrat Global Advisors has predicted a significant drawdown in the first half of 2026, with Ethereum potentially falling to $1,800.

Despite the mixed signals, the broader picture shows a market in transition. Staking activity is reshaping Ethereum's supply dynamics, while institutional investors remain divided on near-term price direction. As the year progresses, these factors could play a key role in determining Ethereum's next price move.