Bitmine Pushes Toward 5% of All Ethereum as ETH Price Climbs 30% in a Week
Bitmine is closing in on a historic milestone: owning 5% of the entire Ethereum supply. On-chain data from August 26, 2026 shows the company added 20,000 ETH worth about $48.9 million in a single 50-minute window, part of a broader accumulation spree that has pushed its holdings to roughly 5.85 million ETH — only 187,000 ETH shy of its target.
The buying comes as Ethereum has surged more than 30% in the past week, outperforming Bitcoin and drawing fresh attention to the second-largest cryptocurrency’s price trajectory.
Also read: Morgan Stanley Quadruples ETH ETF Stake as Pepeto Presale Targets 100x-300x
Bitmine’s Accumulation Strategy
According to on-chain analyst Ai Yi, the recent purchases followed Bitmine’s established pattern: new wallet addresses, round-number transfers, and execution through major exchanges like Kraken, Coinbase, and FalconX. The company bought 32,447 ETH last week alone, building on a steady accumulation timeline that saw holdings rise from 4.66 million ETH in March 2026 to 5.2 million by May and nearly 5.79 million by late July.
What sets Bitmine apart from many large holders is that its ETH is actively working. Around 87% of its stash — roughly 5.07 million ETH — is staked, generating an estimated $330 million in annual staking revenue. That income stream helps offset the company’s average cost basis of about $3,359 per ETH, which currently sits below the market price.
Also read: Ethereum Price Prediction for August: ETH Approaches $1,945 Resistance as Bullish Setup Builds
Ethereum’s Fundamentals Are Strengthening
The accumulation coincides with a notable improvement in Ethereum’s market metrics. ETH has gained roughly 31.5% over seven days, outpacing Bitcoin’s 24% rise. Analyst Ali Martinez noted that since calling the bottom in July, Ethereum has climbed 64.2%, compared with Bitcoin’s 40.7% over the same period.
Beyond price, on-chain indicators point to a healthier ecosystem: ETF holdings have increased 59%, exchange reserves have fallen 26%, staked ETH is up 15%, and active addresses have grown 30%. These figures suggest that investors are moving ETH into long-term storage or yield-generating protocols rather than preparing to sell.
The ETH/BTC ratio has also broken its multi-month downtrend, forming a higher high that some analysts interpret as a structural shift. Crypto Patel sees the 0.0270–0.0260 zone as a key retest level, with upside targets of 0.040, 0.050, and eventually 0.060–0.070 if the breakout holds.
Can Ethereum Reach $3,000?
Market sentiment has turned sharply bullish, with prediction markets giving Ethereum roughly a 64% chance of reaching $3,000 before falling back to $1,500. However, the immediate hurdle is clear: ETH faces resistance around the $2,500–$2,550 range.
Analyst Ted noted that a weekly close above this zone could trigger a rapid move toward $3,000. Bitmine chairman Tom Lee has compared the current 30%+ weekly gain to previous major breakout periods, citing easier financial conditions, stronger U.S. crypto support, and potential Treasury purchases as tailwinds.
Still, the path is not guaranteed. Ethereum’s price has historically faced sharp pullbacks after rapid rallies, and the $2,500–$2,550 level has acted as both support and resistance in recent months. If Bitmine completes its 5% goal and continues staking, it could provide a floor under the price, but short-term volatility remains the norm in crypto markets.
For now, the market watches two key numbers: Bitmine’s accumulation progress and Ethereum’s ability to close a weekly candle above $2,550. Either could set the stage for the next leg of the rally.
This article is for informational purposes only and does not constitute financial advice. Cryptocurrency markets are highly volatile; always conduct your own research before making investment decisions.
