As we head into 2026, Ethereum has drawn fresh attention from institutions after Fundstrat co-founder Tom Lee’s BitMine made a fresh $130 million Ethereum purchase, signaling renewed confidence in the asset’s long-term outlook.
The sizable accumulation comes as on-chain data shows major Ethereum whales now hold 70% of the token’s supply.
BitMine Purchases $130M Worth of ETH
Blockchain tracker Lookonchain has revealed a fresh ETH purchase by BitMine. Lookonchain reported this transaction in a recent X post, highlighting that in the past week, the firm purchased 44,463 ETH worth $130 million.
Interestingly, this new purchase has increased the firm’s total holdings to over 4.11 million ETH tokens, worth approximately $12.02 billion. Meanwhile, BitMine announced in a press release that the firm now holds 3.41% of the ETH supply, bringing it much closer to its 5% goal.
Further, the firm disclosed that its total holdings, which include crypto, Moonshots, and cash, are currently valued at $13.2 billion. Interestingly, BitMine also hinted at the upcoming launch of its MAVAN (Made in America Validator Network), scheduled for 2026, in the press release. According to the firm, when all of its ETH holdings have been staked on the validator network, it will produce an annual return of $374 million.
Ethereum Whales Tighten Their Grip on Supply
Alongside BitMine’s purchase, on-chain data from Milk Road shows that Ethereum whales now control nearly 70% of the total ETH supply. According to the analyst, these are large holders who hold at least 1,000 ETH in their wallets.
Interestingly, recent data also show that 70% of global ETH derivatives are long, highlighting a market increasingly shaped by long-term holders.
Meanwhile, it’s worth noting that such concentration has historically been a double-edged sword. On the one hand, it reflects a deep conviction among long-term holders who are less likely to panic-sell during periods of volatility. On the other hand, it raises concerns around liquidity shocks should large holders decide to offload assets suddenly.
ETH Price Action: Consolidation Before Expansion
Despite heavy whale accumulation and strong long positioning, ETH’s price has yet to reflect this conviction decisively. Ethereum continues to mirror broader market instability and macro uncertainty.
Resistance levels remain intact, as CoinMarketCap data shows that Ethereum has continued to bounce off the $3,000 resistance wall. This divergence between on-chain strength and price action often signals a buildup phase. Thus, Traders are now watching for catalysts such as renewed ETF inflows, increased network activity, or a shift in market sentiment.
The CoinRemark Team
