Bitmine Locks Up $10.77B in Staked Ethereum, With 88% of Its ETH Holdings Illiquid

While Bitcoin’s rally above $80,000 has dominated headlines, Ethereum has traded sideways, waiting for a clear catalyst. On-chain data from Arkham Intelligence suggests something more consequential may be happening beneath the surface. Bitmine staked an additional 190,800 ETH in a single transaction, worth about $451 million. It is the largest one-shot stake tied to the firm’s accumulation approach, executed at a moment when ETH price action was muted and market attention was elsewhere. Moves of this size are typically pre-planned rather than reactive, signaling conviction that is not dependent on short-term price confirmation. Staking removes ETH from immediate liquidity. Tokens committed to validator infrastructure cannot be sold quickly, reducing near-term sell-side supply without fanfare. Bitmine’s latest deposit brings its total staked balance to 4,553,557 ETH, valued at roughly $10.77 billion at current prices. That represents 87.9% of its total ETH holdings now locked in staking. The scale pushes the activity beyond a conventional treasury allocation or yield strategy and into a long-duration bet on Ethereum as infrastructure. At 4.55 million ETH, Bitmine’s staked position amounts to about 3.7% of Ethereum’s circulating supply, effectively removed from the liquid market. With staking accelerating and today’s transfer the largest yet, the supply impact continues to build even as price remains relatively quiet. ETH Reclaims $2,300 as Recovery Meets Resistance Ethereum is trading around $2,370 after extending a rebound from the February capitulation low. The move still reads as a developing recovery rather than a confirmed uptrend. Price has shifted from a steep decline into a pattern of higher lows, reclaiming the short-term moving average and holding above the $2,250–$2,300 zone. That band is now pivotal. It served as resistance through March and early April and is being retested as support. Holding above it suggests buyers are defending the level, but follow-through has been limited. Overhead, $2,400–$2,500 remains the immediate hurdle, aligning with the descending 100-day moving average that continues to act as dynamic resistance. Without a break and sustained hold above that area, the broader structure remains capped. Volume trends also warrant caution. Participation has eased versus the selloff phase, implying the lift may be driven more by reduced selling pressure than aggressive accumulation. If ETH maintains support above $2,250, the recovery setup stays intact and keeps $2,500 in play. A breakdown would likely shift focus back to the $2,000–$2,100 demand zone.