Tom Lee sets $22,000 Ethereum target as ETH supply tightens

Bitmine now controls 4.3% of Ethereum's circulating supply, making it the second-largest staker on the network and locking roughly $10 billion worth of $ETH out of circulation. The same day Bitmine's position was disclosed, spot $ETH ETFs pulled in $61 million of net inflows — $54 million of it into BlackRock's ETHA product.

Why it matters

Exchange reserves have fallen to 14.5 million $ETH, the lowest level since 2016. When the available float on centralised venues keeps falling while ETF wrappers and staking pools keep absorbing supply, the market gets structurally tighter — a setup that has historically preceded outsized moves once demand re-accelerates. Fundstrat's Tom Lee has set a $22,000 price target on the back of the supply data, framing it as a function of forced removal rather than speculative positioning.

Market impact

The price implication runs through float, not sentiment. BlackRock alone absorbed nearly nine-tenths of a day's net ETF inflows while a single treasury player quietly took a multi-billion-dollar position off the table. If ETF cadence holds and even one more treasury-scale staker follows Bitmine, exchange-traded supply has a path to test 2016 lows again — and that is the case Lee is pricing in.