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.