Last week, BitMine increased its holdings by over 60,000 ETH against the trend, bringing the total holdings to 4.53 million, with a staking ratio as high as 67%. This institutional-level accumulation reflects core capital taking advantage of macro fluctuations to complete long-term layouts, and the accelerated frequency of their increased holdings indicates that large funds are actively absorbing panic selling. From an on-chain perspective, nearly 70% of the positions entering staking means that this portion of ETH has exited circulation in the secondary market, resulting in a de facto reduction in supply. Despite macro disturbances from war and oil prices, institutions are attempting to confirm the cycle bottom by referencing historical models. This strategy of 'buying instead of accumulating' essentially gambles on a long-term inflation narrative versus the deflationary effect of the Ethereum ecosystem. Currently, the focus has shifted from retail sentiment games to the stage of institutional chip accumulation, making it worth monitoring whether the staking rate will further rise. #ETH #Ethereum #BitMine $ETH

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