Bitmine staked 190,800 ETH — roughly $451 million — in a single transaction Wednesday, the largest single deposit the miner has made under its ongoing accumulation strategy. The move pushes Bitmine's total staked Ethereum to 4,553,557 ETH, currently worth $10.77 billion, and means the firm now controls roughly 3.7% of all circulating ETH locked in staking contracts.
The size of the bet
That single stake represents about 88% of Bitmine's entire holdings. The miner has been steadily accumulating and staking ETH for months, but this transaction stands out for its sheer scale. It's not just big for Bitmine — it's one of the largest individual staking deposits on Ethereum, period. The firm now has more ETH under stake than most countries hold in reserves.
With 3.7% of the circulating supply locked up by one entity, questions about centralization and market depth aren't going away. Staked ETH is effectively removed from liquid trading, which can reduce sell pressure — but it also concentrates influence. Bitmine's position makes it a major force in governance votes and network security, for better or worse.
Price action and the levels that matter
Ethereum is trading near $2,370, recovering from the February capitulation low. The $2,250–$2,300 zone, which previously acted as resistance, is now being tested as support. If ETH holds above $2,250, the recovery structure remains intact, with a target of $2,500. Overhead resistance sits at $2,400–$2,500, aligned with the descending 100-day moving average.
Volume has declined compared to the selloff phase, suggesting reduced selling pressure rather than aggressive accumulation. That doesn't scream bullish conviction — it's more of a quiet pause. The next real test is whether ETH can push through the $2,400–$2,500 resistance band. If it fails and drops below $2,250, a slide toward $2,000–$2,100 becomes the base case.
