BitMine Immersion, a treasury company holding significant Ethereum, is nearing the end of its accumulation strategy. Chairman Thomas Lee announced at TOKEN2049 in Singapore that the firm will cease weekly ETH purchases once its holdings reach 5% of the circulating supply. Currently, BitMine holds approximately 6.016 million ETH, which is about 4.9% of the total supply, after a recent weekly purchase of 15,112 tokens.
Lee noted that BitMine reached its current position much faster than expected, building its stash in just over a year instead of the initially projected five years. The company's accumulation streak began in June 2025, when it shifted to a crypto treasury strategy. At the current pace, acquiring the remaining 100,000 ETH would take roughly seven weeks, placing the target within the next two months, though the exact timing depends on future purchases and supply changes.
BitMine has staked about 5.067 million ETH through its Made in America Validator Network (MAVAN) and other partners, representing the majority of its holdings. This staking activity is a substantial part of its treasury operations. The end of accumulation removes a recurring source of buying demand, but Lee's plan only concerns stopping additional purchases; it does not indicate any intention to sell existing reserves. The market impact will hinge on whether other corporate buyers, ETF investors, or market participants can offset the reduction.
ETF Outflows and Liquidations Add Pressure
US spot Ethereum ETFs saw approximately $161 million in net outflows on Wednesday, marking a seventh consecutive session of negative flows, according to CoinGlass. This sustained selling pressure through investment products has contributed to Ethereum's recent decline. Over the past week, ETH fell about 5%, dropping below $2,600. CoinGlass data also showed nearly $102 million in Ethereum futures liquidations in the last 24 hours, with long positions bearing the brunt at $90.74 million compared to $11.7 million in short liquidations.
Ethereum Price Outlook: $2,548 Support in Focus
Ethereum's daily technical structure has weakened after falling below its 20-day exponential moving average and horizontal support at $2,636. The 14-day Relative Strength Index has retreated to 45, indicating softer momentum, while the Stochastic Oscillator slipped into oversold territory near 13. While oversold conditions can sometimes precede a rebound, they do not confirm the end of the decline.
Immediate support stands at $2,548. A sustained break below that level would bring the 50-day EMA near $2,503 into focus. Further downside references include horizontal support at $2,355, the 100-day EMA around $2,334, and a broader base near $2,204. For a recovery, ETH needs to reclaim $2,636 and the 20-day EMA at $2,647. Above that, resistance sits at $2,781, followed by $3,075 and $3,253.
With ETF flows negative and BitMine nearing its accumulation target, defending nearby support remains critical for Ethereum's short-term recovery prospects. The market is watching whether other buyers can step in to fill the gap left by BitMine's eventual exit from the buying side.
This article is for informational purposes only and does not constitute financial advice.
