Bitmine hits 4.9% Ethereum control after 65-week buying spree

Bitmine isn't flinching at a sea of red. The firm just added 53,500 ETH to its coffers, marking 65 straight weeks of accumulation despite the market's recent turbulence. This latest buy pushes their total share to 4.9% of all circulating Ethereum. It's a massive bet on the network's longevity that defies current balance sheet reality. The company currently sits on $5.1 billion in paper losses, yet they've refused to sell a single coin during the downturn. By vacuuming up supply while prices struggle, Bitmine is positioning itself as the ultimate institutional whale. They're effectively front-running a market recovery that hasn't arrived yet. Most traders would have folded after a year of negative returns, but this group is doubling down on the merge's long-term promise. Will this aggressive concentration of supply trigger a supply shock when the bulls finally return, or is Bitmine simply catching a falling knife?