According to Jinse Finance, CryptoOnchain posted an analysis on X stating: Is an Ethereum supply squeeze imminent? The BitMine effect is emerging, and institutions are taking the lead: Reports indicate that BitMine currently controls about 3% of the total Ethereum supply (3.7 million ETH). In the past 30 days, there has been a net outflow of $1.6 billion from exchanges, confirming this large-scale accumulation trend.

Liquidity continues to dry up: Ethereum reserves on exchanges have dropped sharply, with a record single-day outflow reaching $3.1 billion on November 23. Currently, the number of withdrawal addresses is 40% higher than deposit addresses, and circulating inventory is rapidly moving to cold wallet storage.

A supply shock is brewing: Record-high staking deposits, combined with continued absorption of circulating tokens by whales like BitMine, are causing market depth to shrink. This forms a classic supply squeeze scenario—there will be a sharp reduction in tradable sell orders on the market.

Conclusion: Data shows that the current market reflects active accumulation behavior rather than simple holding. As tradable supply contracts, any new buying interest could trigger an explosive price surge.