Ethereum Price in Limbo as Bitmine Inches Away From Its 5% Supply Target

Ethereum price is trading at $1,880, down 3.3% on the day after slipping from recent highs. The market remains caught between steady institutional accumulation and weak short-term momentum.

Even so, one buyer has become large enough to influence Ethereum’s circulating supply.Crypto treasury firm BitMine Immersion Technologies said its Ethereum holdings have reached 5.79 million ETH, putting it close to its goal of owning 5% of the circulating supply.

Combined crypto holdings, cash, marketable securities, and strategic investments now total $11.8 billion.

Tom Lee and Bitmine $BMNR are getting very close to owning 5% of the total Ethereum $ETH network https://t.co/2AizrOdwCW— Ark Invest Tracker (@ArkkDaily) July 28, 2026 Chairman Tom Lee pointed to the ETH/BTC ratio reaching a three-month high as support for the firm’s strategy.