$ETH – Bitmine slows its buying pace, but the long-term accumulation story remains unchanged

📌 Tom Lee’s Bitmine bought only 26,659 $ETH last week, sharply lower than its previous pace of more than 100,000 $ETH per week. This is notable because a major institutional source of demand is temporarily slowing down, which could reduce short-term support for $ETH compared with the earlier accumulation phase.
🔎 The key point is that Bitmine is not signaling selling pressure or a change in its Ethereum view. The company now holds more than 5.2 million $ETH, equal to around 4.31% of circulating supply, meaning it has already moved very close to Tom Lee’s previously stated goal of owning 5% of $ETH supply.
💡 The reason for slowing down is fairly clear. If Bitmine had kept buying at the old pace, it could have reached the 5% target by mid-July 2026, faster than planned. For now, this looks more like a pacing adjustment than a retreat from its Ethereum treasury strategy.
📊 Beyond the large holding size, more than 4.7 million $ETH owned by Bitmine is being staked, equal to over 90% of its total $ETH position. This keeps the longer-term story tilted toward reduced circulating supply, even if direct spot-market buying pressure weakens in the short term.
⚠️ For $ETH, the immediate impact could be sideways movement or the need for a fresh catalyst before a clearer breakout. However, from a medium-term view, Bitmine appears to be shifting from rapid buying to holding, staking, and yield generation, so the overall signal is not bearish.
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