Ethereum News Update: BitMine's ETH Acquisition Echoes MicroStrategy While Institutional Holdings Fuel Supply Shortage

Recent figures reveal that Ethereum's circulating supply has dropped to its lowest point in a year, as both institutional investors and large holders continue to amass the cryptocurrency. This accumulation trend has been further fueled by

Technologies (BMNR), which currently possesses 2.9% of the entire supply—almost 3.5 million ETH—making it the largest Ethereum treasury worldwide, according to a . This buying spree is happening during a broader market pullback, with Ethereum's price experiencing volatility amid mixed signals from blockchain activity and ETF movements, as outlined in a .

The reduction in available supply is being attributed to several factors, including BitMine's aggressive acquisitions and staking initiatives from companies such as SharpLink Gaming. Last week, SharpLink's Ethereum staking platform added 459 ETH to its reserves, bringing its total staked ETH to 6,575 since June 2025, as described in a

. Meanwhile, Thomas Lee, CEO of BitMine, pointed out that the company recently acquired 110,288 ETH—an increase of 34% compared to the previous week—taking advantage of what he called "a compelling opportunity" during a market downturn, as reported in a . The firm’s combined and cash assets now surpass $13.2 billion, with $398 million in available cash set aside for additional purchases, according to the .

The uptick in institutional buying stands in contrast to the recent price drop. In the last 24 hours, Ethereum’s price slipped 4.47% to $3,235, representing a 15.94% decrease over the week, as indicated by the

. Nevertheless, on November 6, Ethereum ETFs saw a net inflow of $12.5 million, breaking a six-day streak of outflows, also highlighted in the . This inflow came after a period of price swings, with Ethereum trading between an intraday low of $3,195.90 and a high of $3,482.27 in the previous 24 hours, as mentioned in the . Analysts link these price fluctuations to conflicting signals from large-scale transactions and broader economic trends.

A significant update in Ethereum’s story this week came from SharpLink Gaming, which addressed rumors about a substantial Ethereum deposit on OKX. The company’s CIO, Matt Sheffield, refuted any association with a wallet identified by blockchain analytics firm

Intelligence, which had reported a $14.5 million deposit, as detailed in the . Sheffield clarified on X that the wallet had been "incorrectly tagged" and was not linked to SharpLink, a distinction that is crucial in a market where asset transfers can sway investor sentiment, according to the .

BitMine’s accumulation approach has also brought attention to the potential scarcity of Ethereum. Now holding 2.9% of the total supply, the company has passed the halfway mark toward its objective of owning 5% of all circulating ETH, as stated in the

. This mirrors MicroStrategy’s strategy with Bitcoin and highlights a growing trend of institutions treating cryptocurrencies as key treasury assets. BitMine’s stock, BMNR, has experienced high trading activity, ranking as the 48th most traded U.S. stock with an average daily turnover of $1.6 billion, according to a . The company’s institutional support—including backing from ARK’s Cathie Wood, Pantera, and Galaxy Digital—has further strengthened confidence in its approach, as noted in the .

The next major drivers for the Ethereum market are expected to be macroeconomic indicators and regulatory changes. The SEC’s Project Crypto and the GENIUS Act are seen as potentially pivotal for asset tokenization, as mentioned in the

, while on-chain data suggests that the current wave of buying could help stabilize Ethereum’s long-term value. As BitMine and other treasuries keep accumulating, the ongoing squeeze on Ethereum’s supply—which is already at a yearly low—may strengthen bullish perspectives regarding the asset’s scarcity and growing institutional interest, as reported in a .