Bitmine nears 5% of Ethereum supply despite $8.4B in unrealized losses
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Tom Lee’s Bitmine Buys Another $19 Million in Ethereum as Stash Nears 5% of Total Supply
The firm says it's 96% of the way to owning 5% of Ethereum's total supply, according to Chairman Tom Lee.
Tom Lee: ETH/BTC exchange rate will strengthen in the second half of 2026; Ethereum's monetary narrative is gaining traction.
According to Mars Finance, Tom Lee, Chairman of BitMine, Ethereum's largest financial institution, stated that the ETH/BTC exchange rate has ample reason to strengthen in the second half of 2026. The core logic is that ETH's narrative as a currency is gaining market attention. Lee pointed to three catalysts: the continued growth of stablecoins, the asset tokenization wave, and the increase in new forks and projects within the Ethereum ecosystem. These factors are all strengthening ETH's value storage attributes and driving its performance relative to BTC. Lee explicitly predicts that the ETH/BTC exchange rate will continue to rise throughout 2026, emphasizing that this is a key indicator worth continuous monitoring. Lee believes that macroeconomic factors also support the ETH/BTC exchange rate: falling oil prices alleviate inflationary pressures, cryptocurrencies remain downstream beneficiaries of the AI narrative, and the progress of the CLARITY and GENIUS Acts maintains a window of regulatory advantage.
Santiment: Bitcoin and Ethereum exchange supply is near all-time lows, reflecting increased investor confidence.
PANews reported on July 8 that, according to Cointelegraph, Santiment data shows that the supply of Bitcoin and Ethereum on exchanges is near all-time lows, with Bitcoin at its lowest level since 2017 and Ethereum at its lowest level since 2015, reflecting increased investor confidence.
Ethereum's net supply has increased by 83,550 coins in the past 30 days.
According to BlockBeats, on July 6th, data shows that Ethereum's net supply increased by 83,550 ETH in the past 30 days, bringing the total Ethereum supply to 121,838,278 ETH. The current supply growth rate is 0.835% per year.
Analysis: The Bitcoin net UTXO supply ratio triggered a buy signal for the first time since November 2022, but bottom confirmation still needs to be awaited.
PANews reported on July 3rd that CryptoQuant analyst Axel Adler Jr. released a report indicating that the Bitcoin Net UTXO Supply Ratio has entered buy territory for the first time since November 2022, triggering buy signals in several trading days from late June to early July. Historically, such signals typically appear near cycle lows, thus possessing some reference value. However, confirming a bottom requires observing whether the ratio can stabilize in a positive value while the price rises in tandem; a return to negative territory could be a false signal. Meanwhile, the loss ratio indicator shows that the fast moving average broke through 50% at the end of June, meaning that more than half of Bitcoin is in a loss-making state; however, the slow moving average remains around 40%. If the loss ratio maintains its current level, it will take approximately 7 to 8 weeks for the slow moving average to reach the 50% threshold.
A trader's short ETH and long BTC positions have resulted in unrealized losses exceeding $5.5 million, despite a 90% win rate over the past month.
PANews reported on July 2nd that, according to Lookonchain monitoring, trader 0x50b3's short ETH and long BTC positions have suffered a floating loss of over $5.5 million. In the past month, he completed over 100 trades with a 90% win rate, generating a profit of $4.96 million, but this latest trade has wiped out all those profits.