Ethereum treasury firm BitMine Immersion Technologies (BMNR) has intensified its accumulation strategy, purchasing an additional 27,801 ETH last week. This latest acquisition brings the company's total Ethereum holdings to 5.77 million tokens, valued at roughly $10.3 billion at current market prices. The move reinforces BitMine's status as one of the largest corporate holders of the cryptocurrency and raises the question: can this buying pressure help push Ethereum above the $1,800 resistance level?
BitMine Nears 5% Supply Target
The Las Vegas-based company stated that this purchase brings it 96% closer to its long-term goal of acquiring 5% of Ethereum's circulating supply. BitMine shifted its corporate treasury strategy toward Ethereum just over a year ago and has been steadily accumulating since. The firm's aggressive buying has drawn attention as it approaches a milestone that would give it significant influence over the network's tokenomics.
Staking Operations Generate Recurring Revenue
BitMine is not merely holding its Ethereum reserves; it is actively staking the majority of them. According to the company, 4.91 million ETH—approximately 85% of its total holdings—has been deployed through its Made in America Validator Network (MAVAN), an institutional staking platform launched earlier this year. Chairman Thomas Lee noted that the staking operations are projected to generate roughly $242 million in annualized revenue. Over the past seven days, BitMine's proprietary validator network produced a 2.70% annualized yield, underscoring the firm's focus on generating recurring income from its Ethereum treasury.
In addition to its Ethereum position, BitMine disclosed holdings of 206 Bitcoin (BTC), a $180 million investment in Beast Industries, a $69 million stake in Worldcoin treasury company Eightco Holdings (ORBS), and approximately $482 million in cash and marketable securities. This diversified portfolio provides additional liquidity while supporting its broader digital asset investment strategy.
Institutional ETF Flows Show Mixed Signals
While BitMine was buying, institutional investors were reducing their exposure to spot Ethereum ETFs. According to CoinGlass, U.S. spot Ethereum ETFs recorded $15.40 million in outflows on Monday, following $84.4 million in net inflows last week that ended an eight-week streak of investor withdrawals. Market analysts have previously argued that sustained ETF inflows will be essential for supporting a broader recovery across the cryptocurrency market. The mixed flows suggest that institutional sentiment remains cautious despite BitMine's accumulation.
For more on Ethereum's recent price action, see Ethereum Bounces from $1,700 but Tepid Demand Caps Upside Potential and Ethereum's 10% Rally Faces $1,800 Resistance: Can Bulls Break Through?.
Ethereum Price Technical Analysis
Ethereum remains under pressure despite improving institutional demand. Over the past 24 hours, the cryptocurrency recorded approximately $48.53 million in liquidations, including roughly $32.7 million in long positions, according to CoinGlass. From a technical perspective, ETH is trading just above its 20-day Exponential Moving Average (EMA) near $1,740, while remaining below the 50-day EMA at $1,798 and the 100-day EMA at $1,946. This setup suggests the broader trend remains cautious, although selling pressure appears to be easing.
The Relative Strength Index (RSI) is hovering around 51, indicating neutral momentum, while the MACD remains elevated but has yet to enter overbought territory. On the downside, traders are closely monitoring the 20-day EMA and horizontal support near $1,740. A successful defense of this level could trigger another short-term rebound, similar to last week's recovery. If selling pressure intensifies, the next support levels are located around $1,524, followed by $1,404, while $1,156 represents a major longer-term support zone.
On the upside, Ethereum continues to face resistance near $1,850, a level that rejected buyers during last month's rally. Additional resistance lies at the 50-day EMA near $1,798, followed by $1,909, the 100-day EMA at $1,946, and higher resistance levels around $2,018 and $2,107. Ethereum's short-term price outlook continues to depend on whether buyers can defend the key $1,740 support level and push the asset above major moving averages to confirm a broader recovery.
For further context on Ethereum's support levels, see Ethereum Faces $1,700 Support Test as BitMine Nears 5% Supply Goal and Ethereum Targets $2,000 as Record $1.2B Exchange Outflows Signal Accumulation.
This article is for informational purposes only and does not constitute financial advice.
