Bitmine buys $250M in ETH - Supply squeeze on the way?

Key TakeawaysIs Ethereum being accumulated again？

Are institutions buying Ethereum？

After weeks of choppy price action, things are finally looking a little brighter for Ethereum [ETH].

Binances netflow data has flipped from heavy inflows to steady outflows, meaning more coins are leaving exchanges than coming in. A hike in accumulation and cooling sell pressure is usually a good sign. Adding to the narrative, wallets linked to Bitmine just grabbed a massive $250 million worth of ETH.

Confidence is back, and a supply squeeze may happen soon.

Outflows surge as selling collapses

The 30-day average of ETH netflows flipped from heavy inflows to deep outflows – A sign that investors are no longer looking to sell. Back in June 2025, the metric peaked at around +30,000 ETH, indicating strong selling intent.

Source: CryptoQuant

Fast-forward to now, and figures for the same have dropped to nearly -16,000 ETH. That means more coins are leaving Binance than entering.

In simple terms, holders are moving their ETH off exchanges to store safely. This is often a bullish signal for the months ahead.

Ray Youssef, CEO of NoOnes, told AMBCrypto,

“Ethereums price action continues to sit at a crossroads where technical uncertainty and fundamental strength collide, leaving near-term market direction finely balanced…”

Smart money is moving too!

In addition to the bullish sentiment, Arkham Intelligence has spotted something big too. Three new wallets just snapped up a combined $250 million worth of ETH from Bitgo and Kraken.

Source: X

What‘s interesting is that these wallets follow the same buying pattern as Bitmine’s earlier accumulation spree. This wave of high-value purchases, coming right after the sharp drop in Binance inflows, furthers the idea that major players may be ready for the next leg up.

Youssef noted,

“Large holders still appear to be posting for structural upside rather than immediate gains, recognizing that Ethereums roadmap and role in the on-chain economy will only continue to deepen its long-term utility and improve price performance.”

ETH steadies amid potential indecision

At press time, Ethereums price was trading at around $3,913 – A sign of mild weakness after a short recovery attempt.

Source: TradingView

RSI indicated that the market is in a neutral-to-bearish phase. CMF stood slightly positive at 0.03, indicative of modest inflow pressure despite recent price dips.

Trading volumes also stayed subdued, a classic sign of hesitation. Overall, the chart highlighted a consolidation phase where ETH appeared to be gathering strength before its next decisive move.

Youssef explained,

“Ether range-bound action shows that it‘s still in its ’cooldown phase‘ after the strong Q3 performance — a phase where it is digesting liquidity, removing excess speculative bets, and the underlying accumulation is laying the groundwork for ETH’s next major move.”

He went on to add,

“Ethereums ecosystem remains fundamentally stronger than its price action currently suggests and reflects.”