Ethereum ETFs Rebound as BitMine Closes In on 5% of ETH Supply

U.S. spot Ethereum exchange-traded funds swung back into positive territory on Tuesday, attracting $53.1 million after recording an $11.9 million net outflow in the previous session.

The reversal arrived as BitMine Immersion Technologies continued its weekly accumulation, showing institutional demand for ETH through two separate channels: regulated funds and a publicly traded corporate treasury.

According to Farside Investors, BlackRock’s ETHA accounted for $42.5 million of the August 4 inflows. Fidelity’s FETH added $9.3 million, while Bitwise’s ETHW drew $1.3 million. None of the two Grayscale products recorded net redemptions.

It was the funds’ strongest daily result since July 22. However, the sharp change from Monday’s outflow also illustrates how uneven ETF demand remains, with positive and negative sessions repeatedly interrupting one another since late July.

BitMine Enters the Final Stretch

BitMine reported that its treasury held 5,797,813 ETH as of August 2, representing approximately 4.8% of Ethereum’s estimated 120.7 million-token supply.

The company purchased another 10,399 ETH during the preceding week and said it has acquired Ether every week since adopting its treasury strategy on June 30, 2025.

Based on BitMine’s supply estimate, reaching exactly 5% would require around 237,000 additional ETH. That gap would cost approximately $446 million at the company’s reference price of $1,880.

BitMine has also staked 4.92 million ETH, or roughly 85% of its holdings. Management projects about $247 million in annualized staking revenue at the current deployment level, turning much of the treasury into a yield-generating position rather than a passive reserve.

The scale remains unusual: BitMine now reports ownership of nearly one in every 21 ETH in circulation. ETF flows may offer the more volatile demand signal, but the company’s final push toward 5% could have the larger effect on Ethereum’s ownership concentration.