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- Bitmine now holds 4.47M ETH, staking 68% for yield.
- Ethereum’s MVRV shows capitulation, but sentiment is improving.
- Bitcoin’s $70K resistance could trigger a short squeeze if broken.
Crypto markets are flashing mixed signals. On one side, a public company is doubling down on Ethereum with a multibillion-dollar position. On the other, Bitcoin keeps knocking on the $70,000 door — and getting rejected. Together, the moves highlight a market caught between stress and cautious optimism.
Bitmine Controls 3.71% of Ethereum Supply
Bitmine Immersion Technologies revealed on March 2 that it now holds 4.47 million ETH valued at roughly $9.9 billion. That represents about 3.71% of Ethereum’s circulating supply — a significant concentration for a public company.
With ETH trading near $1,970, Bitmine’s strategy appears long term. The company is staking 68% of its holdings — over 3 million ETH — generating an estimated $172 million annually. In late February alone, it added more than 50,000 ETH, reinforcing its aggressive accumulation strategy.
Among public crypto holders, Bitmine now trails only Strategy, which dominates corporate Bitcoin ownership.
Ethereum’s On-Chain Data Shows Stress — But Sentiment Is Shifting
Ethereum’s price action tells only part of the story. On-chain metrics suggest many short-term holders are underwater. Data from Santiment shows ETH’s 30-day MVRV ratio recently plunged near -30%, a level often associated with capitulation.
While the metric has recovered slightly, it remains negative, indicating recent buyers are still sitting on losses. However, weighted sentiment has turned positive after weeks of fear-driven selling — a subtle but important shift that suggests panic may be fading.
Meanwhile, wallets linked to Chun Wang have been active. After moving large stablecoin balances to Binance, roughly $67 million worth of ETH was withdrawn to private wallets, with additional funds deployed into Aave. The move indicates capital isn’t just being held — it’s being put to work.
Bitcoin Volatility Surges as $70K Remains Elusive
While Ethereum sees corporate accumulation, Bitcoin is fighting heavy resistance at $70,000. Two breakout attempts this week failed, triggering sharp volatility — the highest since 2022.
Despite macro uncertainty, Bitcoin has defended the $60,000 level multiple times. Spot ETF flows, after weeks of outflows, have turned positive again. However, nearly 46% of supply remains in loss, a sign of ongoing stress.
Derivatives data suggests a potential short squeeze if Bitcoin pushes higher. Liquidation clusters above current prices could fuel a sharp move — but traders remain cautious after repeated rejections.
Also Read: Ethereum Supply Shock: 50% of All ETH Now Locked as BitMine Buys Millions
Ethereum’s deep unrealized losses contrast sharply with Bitmine’s billion-dollar conviction. At the same time, Bitcoin’s repeated $70K tests show buyers are active — but not yet in control.
If ETF inflows strengthen and on-chain stress eases, the market could pivot higher. For now, the data suggests one thing clearly: this is a critical phase for both Ethereum and Bitcoin.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
