The Ethereum Supply Signal Hidden in BitMine’s $390M Deposit

Key Insights Ethereum staking hit a record 43.8 million ETH, accounting for 35.9% of the total supply after six consecutive quarters of net inflows. BitMine’s $390 million deposit lifted its staked ETH holdings to $12.78 billion, equal to 86.5% of its treasury. The staking entry queue reached 1.33 million ETH versus 149,000 ETH awaiting exit, while annualized yields averaged 2.63%. Ethereum’s most revealing supply signals do not always come from coins changing hands. Sometimes, they emerge when existing assets become less liquid. On October 21, 2026, BitMine sent another 159,728 ETH or $390.6 million into staking, raising its stake to more than 5.227 million ETH. That means BitMine has channeled almost 86.5% of its Ethereum treasury into staking, according to on-chain tracker Lookonchain.

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