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Major institutional player Bitmine just moved another 186,560 ETH ($624.8M) into staking over the past 10 hours. This brings their total staked ETH to 1,530,784 coins, worth around $5.13 billion.
What's striking is the scale of their overall crypto holdings. Bitmine Immersion Technologies now sits on roughly $15B across crypto assets and cash reserves. They're holding approximately 4.168M ETH alone, which represents 3.45% of the entire ETH supply in circulation.
This kind of sustained staking activity from large institutional players typically signals confidence in Ethereum's long-term network security and staking rewards. The concentration of ETH in such hands remains a notable factor in market dynamics worth monitoring.