BitMine Immersion Technologies moved more than $1 billion worth of Ether into staking contracts in under 48 hours, with the activity tracked by Lookonchain, according to a report based on onchain data.
Tom Lee(@fundstrat)'s #Bitmine continues moving $ETH into staking.
Over the past 2 days, #Bitmine has staked 342,560 $ETH($1B).https://t.co/P684j5YQaGhttps://t.co/pXHT9mCPUC pic.twitter.com/0Y9XBShQzI
— Lookonchain (@lookonchain) December 28, 2025
The move pulls that ETH out of immediate circulation, tightening near-term liquid supply and potentially shifting short-term supply dynamics. The same report says BitMine staked 342,560 ETH over the two days leading into Sunday, a size that can meaningfully impact Ethereum’s liquidity profile.
What to watch now is whether this lock-up strengthens the “supply squeeze” narrative and whether additional onchain signals or follow-on communications emerge. Any further large transfers into staking, or signs of reversal via withdrawals, will be key markers for traders monitoring available ETH.
Source: Lookonchain.
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