Bitmine now holds 4.3% of all circulating ETH and its genuinely concerning

Bitmine Immersion Tech just expanded to 5.21 million ETH( roughly $13.4B) with a stated goal of hitting 5% of total supply by year end. The crypto crowd is treating this as a bullish signal lolWhen a single entity quietly accumulates 4-5% of a PoS asset's supply, they're a governance actor. Ethereum's validator set starts looking very different when that concentration hits and we have seen this movie with stETH's dominance concerns, and people mostly shrugged that off too.Things worth watching rn are what happens to eth staking yields as their share grows, whether this triggers any regulatory attention under the new SEC/CFTC digital commodity taxonomy that rolled out this month and whether the fusaka/glamsterdam upgrades change the calculus for large holders at all.Bullish or bearish on this? via /r/SushiSwap https://ift.tt/4nBs7Ml