Bitmine just crossed $10B in staked ETH and nobody is talking about the supply math

Quick summary of what just happened:

Bitmine crossed $10 billion in staked Ethereum. They now control 4.3% of the entire circulating ETH supply and are the second-largest staking entity on the network.

At the same time:

– ETH spot ETF inflows hit $61.3M on May 4. BlackRock alone bought $54.8M.

– Ethereum exchange reserves just dropped to 14.5M ETH — the lowest since 2016.

– ETH Reserve Risk printed a multi-year low, meaning long-term holders are not selling despite price being down from ATH.

Here's the math that matters:

Staked ETH is effectively removed from liquid circulation. When Bitmine locks $10B worth, that supply is gone from the market. When exchanges are sitting on the least ETH since 2016, the pool of readily available sell-side liquidity is shrinking.

Meanwhile ETF demand continues. BlackRock isn't slowing down. The May 1 session saw $101.2M in total ETH ETF inflows.

ETH price is ranging be…