As an increasing amount of ETH is being locked away through staking, the circulating supply is starting to disappear at a fast rate. This development is likely to lead to the tightening of overall market liquidity. A period like this reflects a growing confidence among ETH investors in addition to changing the equilibrium between supply and demand.
At the forefront of this rising demand are Bitmine Immersion Technologies and Fundstrat Capital. These large firms are actively accumulating and staking ETH, fueling the potential for a supply squeeze; a clear indication of what supply shock looks like.
Bitmine ETH Buying Activity ContinuesAccording to the platform, Tom Lee’s Bitmine purchased another 50,000 ETH valued at $108.3 million from FalconX in the early hours of Thursday. Within a 2-day period, about 3 wallet addresses, which are believed to be owned by Bitmine, were detected by Lookonchain, stacking up a total of 117,111 ETH worth approximately $253.3 million.
