# Duel of Institutional Giants: Supply Shock in Ethereum, Aggressive Accumulation in Bitcoin

By [Jesse](https://paragraph.com/@jesse7tx) · 2026-01-12

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**Bitmine Escalates Ethereum Staking Operation to Over 1 Million ETH**

*   **Detailed Summary:** Bitmine Immersion Technologies (BMNR) has solidified its status as the most aggressive institutional player in the Ethereum ecosystem, announcing on January 11, 2026, the addition of another 86,400 ETH (approximately $266.3 million) to its staking portfolio. With this latest injection, the total amount of Ethereum actively staked by the company has reached a staggering 1,052,192 ETH, representing over $3.25 billion in locked liquidity. As part of a strategic shift initiated last week, the company is transforming from a passive ETH holder into a "validator giant" that directly contributes to network security. On-chain data confirms that Bitmine has routed these assets through three different institutional staking providers in preparation for its proprietary "Made in America Validator Network" (MAVAN), scheduled to go fully operational in Q1 2026. Bitmine CEO Thomas Lee reiterated the company's "Alchemy of 5%" vision, aiming to control 5% of the total Ethereum supply, while emphasizing that this staking move will generate hundreds of millions of dollars in annual passive income. It is reported that the company's total ETH reserves have reached 4.14 million units (approx. $13.2 billion), with over 25% of this amount now staked. This massive inflow has caused the Ethereum validator entry queue to extend to 17 days and pushed the network's Total Value Locked (TVL) to record levels. Bitmine reportedly maintains cash reserves of $915 million, preserving the capacity for additional purchases during potential market dips. Analysts characterize this move as the most concrete step toward establishing "crypto bonds" in the future of corporate finance. The company's stock (BMNR) has entered the top 50 most traded stocks in the US following this news flow, attracting interest from traditional investors. As the MAVAN launch approaches, building its own infrastructure is seen as part of a strategy to minimize third-party risks.
    
*   **Market Impact:** The permanent removal of over 1 million ETH from circulation deepens the supply shock, creating upward, long-term pressure on the price. Bitmine's move validates Ethereum as a prime institutional "yield-bearing asset" and sets a precedent for other major treasuries to adopt similar staking models. The congestion in the validator queue serves as a technical indicator that confidence in the network is at an all-time high.
    
      
    

**Strategy Inc. (MSTR) Bolsters Reserves with Purchase of 1,287 More Bitcoin**

*   **Detailed Summary:** Strategy Inc. (formerly MicroStrategy, MSTR), the largest corporate Bitcoin whale in the crypto market, announced on January 5, 2026, that it had added another 1,287 Bitcoin to its reserves, bringing its total holdings to 673,783 BTC. With this purchase, the company maintained its unwavering commitment to its Bitcoin strategy while also increasing its USD reserves by $62 million, reaching a total of $2.25 billion in cash and cash equivalents. This move demonstrates that Strategy Inc. has not stepped back from its strategy despite price volatility in the last quarter of 2025 and reporting an unrealized loss of $17.44 billion. Market observers note that the company continues to raise cash through "Capital Market Activities" by issuing equity and convertible notes, channeling this cash into aggressive Bitcoin acquisitions. The total value of the company's Bitcoin holdings represents a massive balance sheet at current market prices, while the stock's trading premium relative to Bitcoin's spot price (NAV premium) proves that investors' confidence in Michael Saylor's vision remains intact. This latest acquisition serves as a response to Bitmine's aggressive growth on the Ethereum side, suggesting a tacit race for "King (BTC) and Queen (ETH)" dominance between the two giants. Strategy Inc. continues to hold its assets in cold storage, adhering strictly to the "Store of Value" thesis without engaging in any staking or DeFi activity on the Bitcoin network. The increase in the company's cash reserves is interpreted as a signal for a larger "bulk buy" in the coming weeks. This strategy continues to be one of the most important factors legitimizing Bitcoin as a "reserve currency" for institutional investors.
    
*   **Market Impact:** Strategy Inc.'s purchases act as one of the most significant "floor price" mechanisms absorbing selling pressure in the market. The company's continued buying despite reported losses sends a "don't panic" message to the market, refreshing institutional confidence. The increase in cash reserves indicates that the liquidity needed to break resistance levels in the $90,000 range is ready and waiting.
    
      
    

**Jupiter Launches Ethena-Powered "JupUSD" Stablecoin**

*   **Detailed Summary:** Jupiter, the largest decentralized exchange aggregator (DEX Aggregator) in the Solana ecosystem, officially launched its new reserve-backed stablecoin "JupUSD," powered by Ethena Labs technology, on January 5, 2026. This launch aims to deepen DeFi liquidity on the Solana network and offer users a decentralized, yield-bearing dollar alternative. Unlike traditional bank-deposit-based stablecoins, JupUSD aims to maintain its $1 peg using delta-neutral derivative strategies and on-chain collateralization mechanisms. The Jupiter team emphasized that this product is designed "to power the next chapter of finance," specifically focusing on maximizing capital efficiency in high-inflation environments. The use of Ethena Labs' proven "internet bond" model in the project's technical infrastructure increases the product's reliability, while combining it with Solana's advantages of high speed and low transaction fees sets JupUSD apart from competitors. Following the launch, a significant increase in trading volumes on the Jupiter platform was observed, and it was announced that governance token incentives would be provided to users providing liquidity to JupUSD pairs. This move is evaluated as a critical part of Jupiter's strategy to evolve from merely a swap platform into a comprehensive financial Super App on Solana. Experts predict that JupUSD's success has the potential to lift the Total Value Locked (TVL) on the Solana network by billions of dollars.
    
*   **Market Impact:** JupUSD is strategic in reducing the Solana ecosystem's external dependency (against USDC/USDT dominance) and creating its own internal liquidity. This development could increase demand for the JUP token and, by carrying the success of the Ethena model to different chains, make the "decentralized dollar" narrative one of the main themes of 2026.
    
      
    

**XRP Breaks 2-Year Bearish Channel, Signaling Technical Bull Run**

*   **Detailed Summary:** On the trading day of January 5, 2026, Ripple (XRP) reached the $2.14 level, successfully breaking out of the bearish regression channel it had been stuck in since July. This breakout, closely watched by technical analysts, was confirmed as XRP closed its fifth consecutive trading day with gains, testing the $2.16 resistance intraday. This movement indicates that the long-suppressed price action of XRP has ended and selling pressure has reached a point of exhaustion. Analysts state that if the resistance zone between $2.20 and $2.30 is breached, and particularly if closes occur above the 200-day Exponential Moving Average (EMA) at $2.35, a much sharper bull run could begin for XRP. Financial circles believe this rise is driven not only by technical factors but also by the nearing conclusion of Ripple's legal processes in the US and increasing adoption rates in global payment corridors. XRP's positive decoupling despite the general market's sideways trend is interpreted as an early indicator that investor interest is shifting toward altcoins. However, experts warn investors against a "fakeout" trap similar to the one experienced in October 2025, underlining that the $2.35 level is the ultimate confirmation point.
    
*   **Market Impact:** A high-market-cap asset like XRP breaking technical resistance is a leading indicator triggering "Altcoin Season" expectations. This technical breakout, coming in an environment of reduced legal uncertainty, could make XRP one of the assets with the highest risk/reward ratio in portfolios at the start of 2026.

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*Originally published on [Jesse](https://paragraph.com/@jesse7tx/duel-of-institutional-giants-supply-shock-in-ethereum-aggressive-accumulation-in-bitcoin)*
