A major signal has appeared in the crypto world today—Bitmine has staked a total of 154,000 ETH in a single day, with a market value of $451 million. This institution now holds 4.066 million ETH, accounting for 3.37% of the total ETH supply, making it the largest ETH holder globally. Most interestingly, they are sending a clear message to the market through their actions: this money is not a splash in the pan but a long-term lock-up of real assets.

**On-chain data doesn't lie**

Behind this move by Bitmine lies a clear strategy—to control approximately 5% of ETH supply in the medium term. They continue to increase their holdings at a rate close to 100,000 ETH per week. This is not a one-time hype but a sustained strategic deployment.

Looking at the overall staking scale: ETH staked has already surpassed 30 million, accounting for over 25% of the total supply. Coupled with the ongoing EIP-1559 burn mechanism, circulating supply is becoming increasingly tight. With supply locked, the price support logic becomes more solid.

The actions of major players confirm this. Since November, leading wallets have accumulated an additional 460,000 ETH. The $3,000 mark has become a common accumulation zone for institutions—everyone's understanding is basically aligned.

**Regulation + technological upgrades, dual catalysts**

The GENIUS stablecoin bill has already been implemented in the US, and the CLARITY bill is also progressing. ETH has been explicitly defined as a digital commodity, and the regulatory doubts that once loomed overhead have finally dissipated. The channel for institutional funds to enter has been fully opened, marking a significant turning point.

Looking ahead, the Fusaka upgrade in 2026 and the Mavan staking network coming online will further optimize staking flexibility and yield efficiency. The current 4.2% annualized staking return may really just be the starting point.