Ethereum’s Biggest Buyer Is About Six Weeks From Done, and the ETFs Have Sold for Nine Straight Days. Who Buys Ethereum After BitMine?
BitMine has a hard ceiling on its Ethereum buying and a countdown clock ticking toward zero, while the funds investors expected to take over keep bleeding cash. Something has to give before that window closes.
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BitMine Immersion Technologies (NYSEAMERICAN: BMNR | BMNR Price Prediction), one of the largest Ethereum buyers, is about 6.2 weeks away from reaching its self-imposed buying limit. The company primarily holds Ethereum (CRYPTO: ETH) as its main treasury asset, and in its latest purchase, it added 12,532 ETH, valued at around $31.7 million. At this rate, BitMine has about 77,442 ETH left to acquire, which will take roughly six weeks to purchase.
By contrast, spot Ethereum exchange-traded funds (ETFs) have seen nine consecutive days of outflows, with more money pulled from the funds than invested. The last inflow occurred on September 28, 2026.
ETH is currently trading at $2,531, down 6.2% over the past week but up 0.8% over the last 30 days. Despite this, it remains 48.8% below its all-time high. With BitMine’s buying window closing and funds pulling out cash, who will buy Ethereum next?
Why BitMine’s Weekly Ethereum Buying Carries So Much Weight
BitMine currently holds 6,028,946 ETH, valued at approximately $15.2 billion, which is about 4.94% of all Ethereum in circulation.
By making regular weekly purchases, BitMine creates consistent demand, assuring sellers that there will always be a buyer regardless of price fluctuations. While typical market demand can shift depending on investor sentiment, BitMine’s steady presence helps stabilize prices, even during downturns.
BitMine’s chairman has indicated that they will stop buying once they own 5% of the total supply. This leaves 77,442 ETH to acquire, or roughly 6.2 weeks at the current purchase rate of 12,532 ETH per week. However, BitMine controls this pace and could slow or halt purchases before hitting the limit.
Once BitMine reaches its cap, it will not resume buying even if prices drop. A price decline won’t extend its buying power because its ceiling is based on a percentage of Ethereum’s total supply.
Can Ethereum ETFs Replace BitMine?
Ethereum ETFs are the most obvious candidates to potentially fill BitMine’s role, as they hold significant assets. According to SoSoValue, Ethereum funds collectively manage $15.86 billion in net assets. However, outflows have been a concern; on October 6, investors withdrew $202 million in a single day, continuing a nine-session outflow streak. For ETFs to become a reliable substitute for BitMine’s purchases, they would need to see consistent inflows and positive momentum over several weeks.
Other smaller treasury companies also hold Ethereum, but they would need to establish and follow through on a large, ongoing buying strategy to match BitMine’s influence. A one-time purchase might boost prices momentarily, but it would not create the dependable demand the market needs.
Can Ethereum Stakers and the Fee Burn Fill the Gap?
Stakers represent another possible source of support. By staking, investors lock up their Ethereum to support the network in exchange for rewards. This practice reduces the amount of Ethereum available for immediate sale, which can help sustain prices. However, staking doesn’t create new buyers; it simply limits supply.
Additionally, Ethereum’s fee-burn mechanism permanently destroys a portion of every transaction fee, reducing overall supply. While this could support prices during high network activity, it doesn’t directly attract new buyers.
Who Will Buy Ethereum After BitMine Reaches 5%?
Currently, there isn’t a solid replacement for BitMine. ETFs are the only significant candidates, but they have seen nine consecutive outflow sessions, while stakers and fee burns only reduce available supply without generating new buying interest. For ETFs to step in seamlessly, they must reverse their outflow trend and demonstrate consistent inflows before BitMine reaches its limit.
The market could face a challenging period without a key buyer if the current outflow trend continues while BitMine approaches its ceiling. BitMine’s weekly reports will show how quickly the remaining 77,442 ETH diminishes. If the funds post inflows before BitMine hits its cap, they may become a viable replacement; otherwise, Ethereum may face uncertainty without a consistent buyer.
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Sam Daodu is a crypto analyst who's spent nearly a decade making blockchain understandable—no easy task when most whitepapers read like fever dreams. He writes for 24/7 Wall St., covering Bitcoin, altcoins, and crypto market analysis for investors. Before crypto, he was a tech writer (back when explaining "the cloud" was peak innovation). Since 2018, he's written for CoinTelegraph, Yahoo Finance, The Block, Cryptonews, Zypto, Rain, and more—basically anywhere people want crypto news without the headache. Sam runs MacLabs Marketing, a content agency for crypto brands tired of sounding like AI wrote their website. He also publishes free crypto education on his site for Web3 enthusiasts who think "gas fees" is a typo. When he's not writing or staring at charts, Sam's either: - Watching anime (currently convinced One Piece has better tokenomics than most altcoins) - At the gym sculpting himself into a Greek god - Listening to the music your mum warned you only bad boys listen to Connect: LinkedIn | Email | MacLabs Marketing
