Analysis Report

Ethereum, after the 2025/1011 event, has completed a silent accumulation by the end of the year. The bull market can start at any time, but the prerequisite is that gold and silver reach their proper price levels. For many retail investors and speculators in the crypto market, the just-passed 2025 year may have been filled with emotional fluctuations and anxiety. Especially after the 2025/1011 timeframe, the market experienced extreme panic, believing that the bull market had ended and a bear market had begun. The market also showed intense fear. If you can wake up in early 2026, shift your focus away from the K-line chart, and delve into the depths of Ethereum’s never-sleeping blockchain, you will see a completely different scene. A giant beast is awakening.
We define December 31, 2025, as a watershed moment — the point when Ethereum fully transforms from an asset into capital. As the world counts down to the New Year, bitmine lmmersions technologies, a company associated with Wall Street legend and bull Tom Lee, quietly pressed the takeoff button at the last moment of 2025. According to onchain lens monitoring data and on-chain analysis, on December 31, bitmine once again staked 118,944 ETH, worth approximately $352 million, into a staking contract. This was not just a simple deposit for earning interest; this transaction brought bitmine’s total staked ETH on public addresses to an astonishing 461,504 ETH. It’s jaw-dropping. At the then price of about $2,960 per ETH, the value of these locked assets alone was close to $1.37 billion.
The top-tier smart money is no longer content with merely holding ETH and waiting to buy low and sell high for profit. They are generating fixed annual income through staking. The 460,000 ETH staked is just the tip of the iceberg. As the 2025 annual report data becomes clearer, another astonishing fact emerges: as of December 31, 2025, the actual total ETH held by bitmine was about 4.11 million. What does this mean? It means that this single institution controls 3.41% of the total ETH supply. Based on the year-end price of about $2,948, this holding’s market value reaches $12 billion.
In traditional financial markets, if a company controls 3.4% of gold reserves or 3.4% of Apple’s circulating shares, it would trigger regulatory panic and market frenzy. But in the crypto world — only here can such accumulation happen silently. This level of concentration indicates that the supply and liquidity of ETH in the market are being drained at an extreme rate. Many retail traders still panic-sell on exchanges over a few tens of dollars’ fluctuation, unaware that they are gradually handing over their chips to an address that only takes in, never out.
Why does bitmine buy so much ETH and start staking wildly? Here’s a perspective that makes Wall Street drool: they no longer discuss whether ETH’s target price is $5,000 or $10,000. Instead, they do a calculation: what would happen if bitmine stakes all 4.11 million ETH it holds?
Based on the current staking yield of the Ethereum network, once these over 4 million ETH are fully activated, they will generate over $500 million in passive income annually. Holding ETH is not just a bet on capital appreciation; it’s like buying a printing press. When the asset itself can generate nearly $500 million in cash flow per year, short-term price fluctuations become meaningless. This is the prelude to a long-term battle to transform ETH from a trading chip into a yield-generating asset.
Imagine the supply-demand balance in this market: on the supply side, whales led by bitmine control millions of ETH, permanently removing them from circulation through staking. Every staked ETH reduces selling pressure. As more Ethereum-based RWA (Real-World Asset) tokenization projects land in 2026 and L2 ecosystem interoperability explodes, the demand for gas and staking will only increase.
When 3.4% of the total supply is locked by a single institution, and millions of ETH are converted into upgrade tools, we face an unprecedented supply-side crisis. Although ETH’s price hovers around $2,880 to $3,000, we can think of this as the eve before dawn — spot liquidity in the market is drying up, while whales’ appetites are insatiable.
bitmine’s massive staking is not an individual act but a collective will of the whale group. Many large whales are frantically accumulating chips. Holdings of 10K to 100K ETH by mid-to-large whales at the end of 2025 are extremely exaggerated and continue to grow. They hold assets worth roughly $30 million to $300 million. They are not retail investors. The total holdings surpass 21 million ETH. What does this mean? It means that the smartest hunters have reached a consensus: ETH below $3,000 is a gift from God. They are filling their arsenals at the fastest speed before retail investors realize.
Before the price fully explodes, as holdings climb, it’s called a bullish divergence in finance — often the last calm before a storm. The stars have completed their accumulation. 2026 is destined to be extraordinary!!!#加密行情预测