The world’s largest ETH institution, Bitmine (BMNR), holds 5,206,790 ETH, representing 4.31% of the total global supply. Its Q1 net loss was $3.8 billion (mainly due to an ETH market value write-down). Of that, 4.71 million (90.5%) have been staked and locked, with extremely low liquidity. The company says its average price is about $2,840, while on-chain data estimates it at approximately $4,000; ETH’s current price is $2,176, down 56% from its ATH of $4,946.

Compared with the world’s top BTC institution Strategy: Bitmine’s supply concentration is 4.31% versus Strategy’s 0.39%, which is 11 times higher; Strategy’s Q1 is in the black, and its holdings are available for use anytime; Bitmine’s Q1 loss is $3.8 billion, with 90% locked and unable to move.
Chairman Tom Lee emphatically states an ETH end-of-year target of $9,000–12,000, saying “the crypto spring has arrived,” while its weekly buying volume has been cut from over 100,000 ETH down to 26.7k. The world’s leading ETH bull, unable to move—only when Tom Lee finally unwinds his position, that will be the real signal worth watching. #Gate广场五月交易分享 $ETH $BTC