ETH Supply Hits Record Low as Bitmine Accumulates 3.5M Tokens
On-chain data shows centralized exchange reserves for ETH at fresh lows as Bitmine expands its holdings to roughly 3.5 million tokens. The outflow reduces immediate sell-side liquidity and could amplify price moves if demand picks up, since less ETH is available for quick selling. Market participants view large miner accumulation as a meaningful factor that tightens available supply and supports longer-term bullish narratives.
But technical indicators introduce caution: the ETH/BTC pair recently rejected a key resistance level and the weekly MACD has flipped bearish, implying momentum could weaken and rallies may be vulnerable to pullbacks. The current setup is a balance of supply squeeze versus wavering momentum — traders and investors should watch exchange balances, on-chain flows, ETH/BTC behavior, and weekly technicals for clearer direction before positioning for a sustained breakout.