BitMine Immersion Technologies, a Las Vegas-based Ethereum treasury company, expanded its digital asset holdings by purchasing 10,452 ETH last week. This acquisition extends a buying streak that has been ongoing since June 2025, bringing the firm's total holdings to approximately 6.051 million ETH, valued at $14.01 billion. That stake represents about 4.95% of Ethereum's estimated circulating supply of 122.2 million tokens.
The company is now just 0.05 percentage points shy of its stated goal of acquiring 5% of all circulating ETH. BitMine has indicated it will cease accumulation once that threshold is reached. Based on its recent monthly buying pace, the firm could hit that target within five to six weeks, though the exact timing depends on future purchase volumes and any changes in Ethereum's circulating supply.
Staking and Share Buybacks Expand
In addition to its direct purchases, BitMine increased its staked ETH position by approximately 162,000 tokens last week, bringing its total staked amount to 5.227 million ETH. The company estimates annualized staking revenue of $318 million, though this figure is an estimate and not guaranteed, as it fluctuates with staking rewards and ETH's market price.
BitMine also repurchased 2.04 million of its own shares during the week at an average price of $22.48 each. This brings its 2026 share buyback program to 22.9 million shares at a total cost of $399.6 million.
Market Context: ETF Outflows and Broader Risk-Off Sentiment
BitMine Chairman Thomas Lee attributed recent crypto weakness partly to the same risk-off forces affecting AI-related equities. He argued that cryptocurrencies have shown relative resilience compared to semiconductor stocks during the latest pullback. "In contrast to late-2025 and early 2026, crypto pullbacks have been comparatively shallow. ETH has fallen 13% from its recent peak while US semiconductors (SOXX) are down 20% in that same timeframe. We believe this is further evidence that a crypto bull market is underway," Lee said.
However, market data points to continued selling pressure. US spot Ethereum ETFs recorded a fourth consecutive week of net outflows, totaling $220.61 million, according to SoSoValue. The trend continued on Monday, with $88.58 million withdrawn from these funds. Additionally, blockchain analytics account Lookonchain reported that BitMEX co-founder Arthur Hayes sold several altcoins over the weekend, including approximately 6,400 ETH.
Ethereum Technical Outlook: Key Support Lost
Ethereum's technical picture weakened over the weekend as the price closed below its 100-day Exponential Moving Average and the $2,355 horizontal support level. That level had provided support for the preceding two weeks and now becomes a critical resistance point for buyers to reclaim. ETH also faces a test of its 200-day EMA; a daily close below that average would leave the asset beneath all four key moving averages cited in analysis, further weakening its near-term structure.
CoinGlass data showed $22.99 million in ETH liquidations over the previous 24 hours, with long positions accounting for approximately $12 million of that total, indicating that traders betting on higher prices bore most of the losses. The 14-day Relative Strength Index stands at 33, close to the conventional oversold threshold of 30, and the Stochastic Oscillator is at 14, also near oversold territory. These readings suggest that selling momentum may be stretched, but they do not yet confirm a reversal.
If ETH continues lower, the next support levels are $2,256, $2,096, and $1,971. On the upside, buyers must first recover $2,355 before confronting resistance at the 100-day, 20-day, and 50-day EMAs.
This article is for informational purposes only and does not constitute financial advice.
