Ethereum Supply Drops as Bitmine Continues to Accumulate

Ethereum's circulating supply has seen a significant decrease in recent weeks, with exchange reserves dropping by approximately 475,000 ETH. This change in the market dynamics comes as Bitmine, one of the largest Ethereum holders, continues to accumulate more coins.

In the past week alone, Bitmine added 126,971 ETH to its holdings, bringing its total to over 5 million coins. This represents around 4.59% of Ethereum's circulating supply.

The majority of Bitmine's ETH reserves are staked, indicating a long-term approach to their investment. The company's overall crypto and cash holdings stand at $9.6 billion, with $247 million in cash.