Bitmain’s Ethereum holdings top 6 million ETH, 100,000 ETH short of 5% of total supply

Reports that Bitmain's ETH holdings have exceeded 6 million coins—roughly approaching 5% of total supply—highlight a highly concentrated ownership profile within Ethereum. Such accumulation can tighten liquid float, amplify sensitivity to large transfers, and raise perceived distribution and governance concentration risks. In the short term, attention may focus on custody disclosures, on-chain movements, and potential balance-sheet-driven flows tied to mining and treasury management.