2026-01-21 00:22:22

Recently, Bitcoin dropped to $88,000, and Ethereum couldn't hold its ground, falling close to $2,900. Amid market fluctuations, a more noteworthy signal is quietly changing in the shadows.

A set of data reveals the story. As of January 21, BitMine held 4.203 million ETH, accounting for 3.48% of the total Ethereum supply. During the same period, MicroStrategy held 709,700 BTC, representing 3.38% of the total Bitcoin supply.

At first glance, these two figures seem similar, but a closer look reveals a problem—the control over Ethereum by a single institution has quietly surpassed its control over Bitcoin. This is no small matter.

Why is that? Because concentration of holdings directly determines market pricing power. When an institution controls more than 3.4% of an asset's circulating supply, their buying and selling can significantly influence market expectations. The situation with Ethereum is even more sensitive—the pace of institutional accumulation is accelerating, and market pricing power is quietly shifting.

Here, an interesting contradiction emerges: Ethereum has always touted itself as "decentralized," but from the holding structure, asset concentration is actually increasing. The narrative and reality are starting to diverge. Could this dissonance affect future market performance? This question might be more worth pondering than the price itself.

BTC-3.12%

ETH-6.46%

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GamefiEscapeArtist

· 3h ago

Wait, did BitMine really take that much? It feels like Ethereum's decentralization is getting thinner and thinner. Institutional collusion is a bit outrageous; this is still called decentralization? 3.4% is not too much, not too little, but it definitely impacts the market. The story of Ethereum is getting more and more ridiculous; I find it hard to believe. No wonder this wave dropped so badly; it turns out the pricing power was transferred long ago. Rising concentration should be a warning; the real danger has never been in the price. Ethereum: I am decentralized. That is to say, it's just a lie.

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DAOdreamer

· 3h ago

Ethereum is really going to cool down, decentralization has become a joke. Institutions are full, only then can we breathe; this game is getting harder and harder to play. 3.48% vs 3.38%, this gap is actually quite terrifying... BitMine's recent behavior is a bit ugly, but it also clearly shows that the pricing power is shifting hands. Wait, the real question is, does ETH still dare to call itself decentralized? Its underwear is almost being pulled off. When comparing the holding data like this, it instantly breaks the defense, so why even buy? Contradiction, Ethereum is just a contradiction.

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MergeConflict

· 3h ago

Hmm... BitMine holds 4.2 million ETH. That number is a bit outrageous, and it feels like the concentration is increasing. Decentralization has been hyped for so long, but now it seems even more centralized. It's hilarious. The transfer of ETH pricing power really needs to be watched; it feels like undercurrents are surging. Big institutions are quietly accumulating, and we retail investors are being played to death. Does 3.4% of the circulating supply really influence market expectations? Then this market is too fragile. When the narrative collapses, that's truly heartbreaking; price becomes secondary. So who exactly is BitMine, and how are they making such a big move? This level of concentration could really cause a major shock, and the consequences are hard to imagine...

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MetaverseVagrant

· 3h ago

Wait, does BitMine really hold that much ETH? It seems a bit unbelievable. --- Decentralization is shouted the loudest, but it's actually the easiest for institutions to manipulate, ironic. --- 3.48% may not sound like much, but if they really dump, it could cause serious damage. --- It’s about time someone brought this up—Ethereum is increasingly resembling traditional finance. --- So, Bitcoin is still more reliable; its decentralization is much better. --- The collapse of the narrative—market reaction might take a while to catch up. --- Institutions are aggressively accumulating ETH. I wonder what they’re hinting at. --- Hey, did anyone notice this? It feels like a signal. --- Totally agree. Once the concentration of holdings exceeds a certain critical point, the pricing power completely shifts. --- Now I see it—this situation has been ongoing for at least half a year. --- This is hilarious. Under the banner of decentralization, they’re actually helping big institutions create a power vacuum. --- Instead of focusing on price, it’s better to watch who’s buying and who’s selling—that’s the real key.

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WenMoon

· 3h ago

Market crash blinds people, but no one sees the hand behind the scenes BitMine's move is quite aggressive; ETH concentration has surpassed BTC. The decentralization slogan is becoming more and more empty, isn't it? By the way, 3.48% doesn't seem like much, but if it really dumps... never mind, the pricing power is still there Institutions are accumulating, retail investors are fleeing, it's the old routine Decentralization? Okay, okay, if I believe you, I’ll make a big profit This is the point we should really be watching, much more useful than looking at candlestick charts

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