Bitmine Adds 126,971 ETH as Exchange Supply Falls by 475,000 ETH

Bitmine, one of Ethereum's largest corporate holders, increased its Ethereum reserves by 126,971 ETH over the past week, bringing its total holdings to 5.54 million ETH, or roughly 4.59% of the asset's circulating supply. Of that total, 4.72 million ETH is staked, according to company disclosures. Bitmine also reported total crypto and cash holdings of $9.6 billion, which includes $247 million in cash.

The accumulation coincided with a drawdown in exchange supply across major trading venues. Combined balances on Binance, OKX, Gemini and Bitfinex declined by approximately 475,000 ETH in early June. Binance and Bitfinex recorded the largest absolute drops, while OKX saw the largest percentage decrease and Gemini posted a smaller decline.

At the time of writing, $ETH was trading near $1,682 following a slide on the charts, with the trend under pressure. Separately, AMBCrypto previously reported that $ETH had fallen below key whale cost-basis levels, leaving many large holders sitting on unrealized losses.

Technical indicators pointed to an oversold setup in the near term. The RSI showed $ETH in oversold territory, a condition that can precede a short-term bounce or a trend reversal, while the DMI indicated that selling pressure remained stronger than buying strength. Whether $ETH can recover from these levels remains to be seen.