Bitmine Immersion has significantly expanded its Ethereum holdings, now controlling 3.4% of the circulating supply, equivalent to over 4.167 million ETH. This strategic accumulation has reduced the available Ethereum on exchanges, tightening market liquidity and increasing sensitivity to demand shifts. The move underscores Bitmine's confidence in Ethereum's long-term utility and economic role. Institutional interest in Ethereum continues to grow, with other firms like Sharplink also accumulating substantial amounts, further reducing exchange balances. Spot Ethereum ETFs have absorbed billions, locking up additional supply and intensifying competition for available units. Despite recent price dips below $3,200, Ethereum's reduced exchange presence suggests potential for amplified price movements as demand strengthens.