Tom Lee's Bitmine Immersion Technologies continues to expand its Ethereum holdings. The company's latest disclosed assets total $11.6 billion, including 5.4169 million ETH and 203 Bitcoins. Based on current figures, this ETH represents approximately 4.49% of the total Ethereum supply.

Positions continue to approach 5%.

Lee stated that the company added 26,497 ETH to its portfolio in the past week. Bitmine previously disclosed an additional purchase of 25,000 ETH, equivalent to approximately $50.56 million at the time. The company stated that if the current pace continues, its holdings could reach nearly 5% by 2026.

ETH price remains weak

The report noted that ETH was trading at $1,978.12, down more than 5% over the past week and more than 14% over the past month. Lee believes the market has not yet fully reflected the improvement in Ethereum's fundamentals, but he also acknowledges that the crypto market is still in its early stages.

Staking demand and on-chain flow are attracting attention.

The Ethereum staking queue continues to expand, with approximately 3.17 million ETH awaiting staking, valued at about $6.3 billion; only 57,873 ETH are waiting to be delisted. Meanwhile, exchange net flow data shows that ETH is still flowing out of trading platforms overall, indicating that some funds are choosing to hold rather than sell. The latest data shows a slight net inflow of approximately 23,800 ETH into exchanges.