Ethereum News Today: BitMine's ETH Grab Mirrors MicroStrategy as Institutional Treasuries Drive Scarcity

Ethereum's circulating supply has reached a 12-month low as institutional and whale-level buyers continue to accumulate the asset, according to recent data. The trend has been amplified by BitMine Immersion Technologies (BMNR), which now holds 2.9% of the total Ethereum supply—nearly 3.5 million ETH—positioning it as the world's largest Ethereum treasury, as noted in a press release. This accumulation comes amid a broader market correction, with Ethereum's price fluctuating amid mixed signals from on-chain activity and ETF flows, as reported by a TradingView article.

The supply contraction is being driven by a combination of factors, including BitMine's aggressive buying spree and staking activity from firms like SharpLink Gaming. SharpLink's Ethereum staking engine added 459 ETH to its holdings last week, raising its total staked amount to 6,575 ETH since June 2025, as detailed in a TradingView report. Meanwhile, BitMine's CEO, Thomas Lee, highlighted that the firm's recent purchases of 110,288 ETH—34% more than the prior week—were motivated by "an attractive opportunity" during a market dip, according to a Coindesk article. The company's total crypto and cash holdings now exceed $13.2 billion, with $398 million in unencumbered cash earmarked for further acquisitions, as the press release noted.

The surge in institutional buying contrasts with recent price weakness. Over the past 24 hours, Ethereum fell 4.47% to $3,235, marking a 15.94% decline for the week, as the TradingView report showed. However, the asset saw a net inflow of $12.5 million into Ethereum ETFs on November 6, ending a six-day outflow streak, also noted in the TradingView report. This inflow followed a period of volatility, with Ethereum's price swinging from an intraday low of $3,195.90 to a peak of $3,482.27 in the prior 24-hour window, as the TradingView article reported. Analysts attribute the price swings to conflicting signals from whale activity—large deposits and withdrawals—and broader macroeconomic factors.

A key development in the Ethereum narrative this week came from SharpLink Gaming, which clarified misinformation about a large Ethereum deposit on OKX. The firm's CIO, Matt Sheffield, denied any connection to a wallet flagged by blockchain analytics firm Arkham Intelligence, which had reported a $14.5 million deposit, as the TradingView article noted. Sheffield emphasized on X that the wallet was "incorrectly tagged" and not affiliated with SharpLink, a clarification critical in a market where asset movements often influence investor sentiment, according to the TradingView article.

BitMine's accumulation strategy has also drawn attention to Ethereum's potential scarcity dynamics. With the firm now controlling 2.9% of the supply, it has surpassed halfway toward its goal of acquiring 5% of all outstanding ETH, as the press release noted. This strategy mirrors MicroStrategy's Bitcoin-focused approach and underscores a growing trend of institutional players treating crypto as a strategic treasury asset. BitMine's stock, BMNR, has seen robust trading volume, ranking as the 48th most traded U.S. stock with an average daily dollar volume of $1.6 billion, as noted in a MarketChameleon article. The firm's institutional backing—including support from ARK's Cathie Wood, Pantera, and Galaxy Digital—has further bolstered confidence in its strategy, as the press release noted.

The Ethereum market's next catalysts will likely hinge on macroeconomic data and regulatory developments. While the SEC's Project Crypto and the GENIUS Act are seen as potentially transformative for asset tokenization, as the press release noted, on-chain metrics suggest that the current buying frenzy could stabilize Ethereum's long-term value proposition. As BitMine and other treasuries continue to accumulate, the pressure on Ethereum's supply—already at a 12-month low—may reinforce bullish narratives about the asset's scarcity and institutional adoption, as noted in a TradingView article.