Bitmine sent $141.95 million of ETH to Coinbase Prime’s batch staking service in two transactions seven hours ago. The first moved 36,000 ETH worth $83.5 million. The second moved 25,200 ETH worth $58.45 million. Tom Lee’s firm isn’t just buying ETH anymore. It’s staking it. That matters because staked ETH doesn’t show up on exchanges. It doesn’t get sold quickly. It’s locked in and earning yield while supply tightens.
Details of ETH Staking on Coinbase
Arkham flagged both transactions moving from Bitmine wallets directly into Coinbase Prime’s batch staking service. 61,200 ETH in total. Same day. Same destination. Two separate wallets (0xFb3 and 0x93c) are routing into the same staking flow.
The transfer history shows this is part of a bigger pattern. Two weeks ago, Bitmine received 20K ETH from FalconX in two separate transactions worth over $82 million combined.
Three weeks ago, multiple Bitmine wallets sent large ETH amounts to the same destination address (0x921….), each transaction in the $40M to $70M range. Bitmine has been moving serious capital through coordinated wallet operations for weeks.
What Bitmine’s ETH Staking Shows
Buying ETH and holding it is one thing. Staking it changes the supply picture meaningfully. Staked ETH is locked. It generates yield. And it doesn’t come back to the market easily.
Eight days ago, Bitmine crossed 4.04% of total ETH supply after another $169.15 million purchase, putting holdings at $11.53 billion. More ETH than any other entity Arkham tracks, including Coinbase itself. Now some of that ETH is being staked. The liquid portion of Bitmine’s holdings is shrinking. The locked portion is growing.
For the broader market, that means the available supply is getting tighter. ETH that sits in Bitmine’s wallets doesn’t move.
Price Action Responding
ETH price is at $2,390. Resistance sits at $2,450. Support at $2,210. The asset is up 3% in 24 hours, which correlates roughly with the timing of Bitmine’s staking move. Whether the pump is causal or coincidental is hard to prove, but the market is paying attention to Bitmine’s activity.
A 3% move on a day that includes $141.95M of staking from one of the largest ETH holders on record isn’t nothing. It’s not confirmation either. But patterns like this, buying, staking, supply locking, tend to compound in their effect over time rather than producing immediate fireworks.
Why This Pattern Matters
Tom Lee’s strategy isn’t accumulation for accumulation’s sake. The staking move signals a longer-term thesis. You don’t stake ETH if you plan to sell it soon. You stake it because you expect to hold it for a while and you want to earn yield on the position while waiting.
Bitmine staked $141.95M of ETH with Coinbase Prime in two transactions within hours. That’s 61,200 ETH moving from liquid holdings into staked positions in a single day. Tom Lee’s firm already holds more ETH than any entity on Arkham.
Now a chunk of that is locked in staking, earning yield, and not coming back to the market anytime soon. ETH is up 3% in 24 hours. The patterns are starting to line up.
