#Bitmine再增持持仓突破601万ETH The final push toward the 5% target, but buying is quietly slowing down! Bitmine (BMNRUS) now holds 6,016,414 ETH (approximately $16.4 billion), accounting for 4.9% of ETH’s total supply—99% of the way toward its self-imposed target of "holding 5%ETH." Even more aggressive is its operating model: since launching in June 2025, it has bought every week for 66 consecutive weeks without interruption, while 84% of its holdings (approximately 5.07 million ETH, worth $13.8 billion) have already been staked, with annualized staking income estimated at $363 million. This is the "Strategy of ETH"—hoarding coins while earning yield, pushing the narrative of "institutions hoarding ETH" to the extreme; but two turning points must be watched: ① the buying pace has slowed for three consecutive weeks (27,562→17,362→15,112 ETH); will it keep buying after reaching the 5% target? ② ETH accounts for 94% of the company’s total assets of $17.4 billion—a highly concentrated single-asset bet; ETH makes it, and ETH breaks it. I. What makes this model so "aggressive": it is not just hoarding, but "hoarding + earning yield" Strategy: hoard BTC, which generates no yield—pure "conviction + unrealized gains" Bitmine: hoard ETH, with 84% staked to earn a 2.63% annualized yield (an estimated $363 million per year)—it is "printing money" while hoarding coins Three layers of impact: Demand side: fixed weekly buying of $40 million+—more disciplined than retail dollar-cost averaging Supply side: 84% staked means approximately $13.8 billion worth of ETH is "locked away" from the liquid market—effective circulating supply is tighter, creating real supply contraction Signal side: Chairman Tom Lee’s exact words—"Institutions remain underallocated to crypto and are expected to increase exposure in the final months of 2026"—he is roadshowing the story of "institutional entry" II. But two "turning points" matter more than the accumulation itself Turning point one: the buying pace is slowing: 27,562→17,362→15,112 ETH over the past three weeks, with the latest purchase being the smallest weekly buy since mid-August—the sprint toward the 5% target is slowing. The key question: What happens after the 5% target is reached? Look at Strategy’s playbook—the marginal effect of the "coin-hoarding narrative" diminishes: buying is bullish, but once the buying is complete, the "good news is fully priced in" Turning point two: 94% single-asset concentration: Bitmine’s total assets are $17.4 billion, of which ETH accounts for $16.4 billion (94%)—this is not "allocation," but "all in." If ETH rises, the balance sheet looks good and buying continues; if ETH falls, assets shrink and it may be forced to stop buying—the "coin-hoarding leader" itself becomes an amplifier of ETH volatility III. Impact on ETH and the market Bullish in the short term: fixed weekly buying plus staking lockups means ETH’s "effective circulating supply" continues to shrink; the narrative of "public companies hoarding ETH" is taking shape, and imitators will follow; the final push from 4.9% to 5% is itself newsworthy. What to watch in the medium term: Does reaching the 5% target mark the end of the narrative or a new beginning?—This is the test for ETH’s "institutional coin-hoarding rally" Staking concentration: a single entity locking up 5.07 million ETH is both a "bullish lockup factor" and a "network risk" Compared with the BTC hoarding wave: public companies collectively hold only 1.27 million BTC (6.4% of circulating supply); Bitmine alone holds 4.9% of ETH—a far higher level of single-entity concentration than on the BTC side Bitmine has taken "coin hoarding" to a new level—combining hoarding, staking, and yield generation; 66 uninterrupted weeks demonstrate genuine conviction, while $16.4 billion locked in staking pools represents real supply contraction. But the "5% target" is both an endpoint and a test: slowing buying and 94% concentration are a double-edged sword—it is now ETH’s "bull engine," but could also become a future "selling risk." For ETH: the medium-term thesis gets a boost (institutional hoarding + staking lockups), but don’t treat "Bitmine will keep buying" as a perpetual-motion machine—what it does after reaching 5% matters more than how much it has bought For BMNR stock: it is currently "ETH with 2.63x leverage" (94% allocation)—you can buy it to bet on ETH, but know that its volatility is far greater than ETH’s For the market narrative: "corporate coin hoarding" is spreading from BTC to ETH—a typical late-bull-market feature (asset scarcity + institutions seeking an anchor); the hotter the narrative gets, the more important it is to remember valuation Bitmine’s 66 weeks have proven that "conviction" can be quantified—but Strategy hoards BTC, Bitmine hoards ETH, and Lion Group hoards HYPE—when "hoarding" becomes a collective behavior, "hoarding" itself is no longer a source of excess returns, but the final leg of the relay. Institutions understand better than retail investors "when it is time to tell the story to someone else." #OneGate见证计划 $ETH ‌

Sideways trading is not calm; it is holding its breath before the storm $BTC remains below 86000, as if waiting for a direction; $ETH is barely holding 2700, and the bulls are breathing weakly. After surging, ZEC has entered a shakeout, repeatedly testing levels around 1320 as tokens change hands. The Fear & Greed Index is at 65, still in the greed zone, but the heat has faded, and market sentiment is shifting from euphoria to restraint. This kind of suffocating calm is often more dangerous than sharp rises or falls. Volatility is being compressed, but leverage has not disappeared. Once news ignites the market, a major move could follow. Don’t skimp on stop-losses, and don’t fill your positions. Focus tonight: The Federal Reserve will release the minutes of its September meeting this week, potentially reigniting expectations around the rate-cut path; the Strait of Hormuz remains closed, while OPEC+ is keeping November output unchanged, so energy and inflation variables remain in play.

The market is stuck at $85,000, with neither bulls nor bears willing to move first—that is the most expensive signal. On October 6, Bitcoin was priced at $85,595, down 0.1% over 24 hours; its market cap was $1.72 trillion, with approximately $27.79 billion in 24-hour trading volume. It once again failed to break above $87,000, with the $86,700–$87,000 range repeatedly rejected. Over the past 24 hours, $172.45 million in contracts were liquidated across the network, forcing 64,290 traders out: $101.3 million in long positions and $71.14 million in short positions; Bitcoin accounted for $53.03 million and Ethereum $21.46 million. For daily breakdowns and position-management ideas, click the group link below and join the discussion: https://gate.onelink.me/Hls0/group?chatroom=1SJTUysiir&ref=VFLGBL1CAQ&ref_type=105 More revealing is where the money is flowing: spot Bitcoin ETFs turned to a net outflow of $89.8 million on October 5, compared with a net inflow of $189.9 million on October 2. Both sides of the leveraged market are taking hits, showing that neither bulls nor bears have gained an advantage; once the ETFs let go, the price loses one more pillar of support. Before the Federal Reserve meeting minutes are released on Wednesday, no one wants to be the first to raise their hand. When the price cannot rise, being fully invested is just as agonizing as being completely out of the market.