Bitmine Stakes $249M More ETH as Ethereum Whales Turn Red

Bitmine staked another 160,480 ETH worth $248.7M, pushing its total staked holdings to 4.88M ETH as Ethereum whale cohorts slip into loss.

Tom Lee’s Bitmine has added another 160,480 ETH to its staking position, worth roughly $248.7 million. 

On-chain analytics platform Lookonchain flagged the move, bringing Bitmine’s total staked ETH to 4.88 million coins. That figure translates to approximately $7.56 billion at current prices. The stake now accounts for 86% of Bitmine’s entire ETH holdings.

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Bitmine’s ETH Staking Position Reaches Record Levels

Spot On Chain analyst Hupzy described the 4.88 million ETH staking position as one of the largest institutional commitments to Ethereum on record. Bitmine, identified as the largest Ethereum treasury company, held 5.673 million ETH as of June 22. 

The company also reported $601 million in cash and marketable securities, $350 million in preferred shares (BMNP), and zero debt. Its annualized staking yield sits at $233 million, per Wu Blockchain.

Adding to the milestone, Wu Blockchain reported that Bitmine’s stock ticker, BMNR, is set to join the Russell 1000 Index on June 26. 

The inclusion marks a step for an Ethereum-focused treasury firm entering a major benchmark index. Bitmine’s move into Russell 1000 puts it alongside established publicly traded companies across sectors.

Ethereum Whale Cohorts Record Negative Unrealized Profits

While Bitmine deepens its ETH exposure, on-chain analyst Darkfost pointed to a notable shift in the broader whale market. 

All three major ETH whale cohorts currently sit at a loss on their holdings. Darkfost shared the unrealized profit ratios: wallets holding 1,000 to 10,000 ETH show a ratio of -0.26, those holding 10,000 to 100,000 ETH stand at -0.21, and wallets above 100,000 ETH sit at -0.05.

Darkfost noted this situation has persisted for several weeks. 

More strikingly, this marks the first time all three cohorts have gone underwater simultaneously since 2019. Even during the market crash of 2022, the largest whale bracket, wallets above 100,000 ETH, remained in profit. 

Darkfost also noted that historically, when whale conviction gets tested at these levels, price bottoms have formed around the same period.

ETH Price Sits at $1,570 With Liquidity on Both Sides

Ethereum is trading at $1,570.62, per CoinGecko data, with a 24-hour trading volume of $16.6 billion. The token is down 4.92% over the past 24 hours and has lost 7.26% across the past seven days.

Crypto analyst CryptoReviewing noted significant liquidity stacked on both sides of the current ETH price range. 

Short-side liquidity sits above $1,400 to $1,500, while long-side liquidity pools between $1,600 and $1,800. CryptoReviewing noted the market will likely sweep one side before the other before any directional continuation.

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