2025-12-23 18:23:33

Recently, the buying trends of Ethereum have been interesting. A closer look at the data reveals that this is not retail investors following the trend, but rather organized large funds systematically accumulating.

This is about Bitmine, an institution under Tom Lee. Their latest holdings data is quite eye-catching—last week they bought an additional 98,852 shares of ETH, bringing their total holdings to 4,066,062 shares. Based on the current price, the market value of this position is approximately $12.42 billion.

It is worth noting that this position accounts for 3.37% of the total supply of Ethereum. The number may not seem large, but looking at it from another angle makes it clear. When an entity's holdings exceed 3% of the total supply, the liquidity structure of the market begins to change. This is no longer just a simple allocation behavior, but is approaching a strategic layout. It will have a tangible impact on future liquidity and supply.

Tom Lee's investment approach has always been methodical. He does not chase short-term market sentiment but focuses on cyclical positions and long-term asset frameworks. ETH happens to fit into his logic—its role as a settlement layer on the blockchain, its core carrier for DeFi and RWA, and the staking mechanism that continuously locks up assets. These are all characteristics of long-term infrastructure.

Such large-scale positions usually do not expect short-term surges. What is being bet on is the upgrade of ETH's role in the entire financial system. In other words, this is a preemptive positioning for growth over the next few years.

ETH-0.47%

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GweiObserver

· 8h ago

1.24 billion dollars thrown in, this guy really doesn't care about short-term Fluctuation, just waiting to play people for suckers a few years later.

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RektButAlive

· 19h ago

$12.4 billion quietly buying out behind the scenes, this is the real big move, the retail investors' small trades are simply not enough to see. --- Tom Lee is like this, never follows the crowd, when he takes action, it's a strategic layout, this time the 3.37% holdings of ETH have already changed the game rules. --- Wow, the liquidity structure will really change, this is not something that can be explained by simple configuration, the logic behind it is the key. --- Positioning for the next few years? Wake up, this is about long-termism, while the short-term speculators are still chasing the price. --- More than 300 million ETH in the hands of one institution, I just want to know if there are other big whales doing the same thing behind. --- The staking mechanism's lock-up position along with on-chain settlement layer, Tom Lee's logic chain is indeed closed, no wonder he is willing to spend so much money. --- From retail investors following the trend to institutional strategic layout, this transformation is the key, the market structure is going to change. --- 98,852 ETH bought out in just one week, if this pace continues, the liquidity will really be tightened.

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HypotheticalLiquidator

· 19h ago

3.37% open interest...the liquidity structure has changed, this is the most dangerous signal.

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GlueGuy

· 19h ago

Is Tom Lee lying in ambush again? This guy really has a deep understanding of the chain, unlike us retail investors who buy blindly. --- 3.37% doesn't sound like much, but thinking about it, it's really terrifying... with such tight liquidity, we retail investors need to be very cautious. --- Wait, a position of 12.4 billion dollars... Is Tom really optimistic about the long term or is he playing a big game? --- The point about the staking mechanism continuously maintaining Lock-up Position is really spot on; the infrastructure attribute of ETH is indeed different. --- Not chasing short-term pumps? Then am I just messing around every day, it’s really frustrating. --- What does this strategic layout mean for us retail investors... should we follow or hide? --- 40 million ETH, thinking about it really can change the supply structure, no wonder we need to follow. --- I trust Tom Lee's logic, just don’t have his capital... sigh. --- I need to research the RWA carrier part; I feel like this is the future. --- So is following now entering a position or chasing the price? That’s the question.

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