Ethereum faced selling pressure on Monday despite fresh signs of institutional accumulation, consolidating near $2,670 during Asian trading on Tuesday. The cryptocurrency slipped below the $2,700 mark even as BitMine Immersion Technologies expanded its treasury and US spot Ethereum ETFs posted strong weekly inflows.
BitMine crosses six million ETH
BitMine reported the purchase of 17,362 ETH last week, lifting its total holdings to 6,001,302 ETH as of September 27. At an announced price of $2,698, the position is valued at roughly $16.2 billion, representing about 4.9% of the estimated 122.1 million ETH supply. The company is nearing its stated goal of accumulating 5% of the total supply.
Chairman Tom Lee noted that BitMine has executed weekly ETH purchases since launching its treasury strategy on June 30, 2025. He argued that institutions remain underexposed to crypto and could increase allocations in the final months of 2026.
BitMine is also utilizing a significant portion of its treasury through staking, with 5,067,309 ETH staked—approximately 84% of its total ether holdings. The company projects $358 million in annualized staking revenue at current scale, though actual figures will depend on staked amounts and yields.
Beyond ETH, BitMine holds 213 BTC, a $180 million stake in Beast Industries, a $115 million stake in Eightco Holdings, and $672 million in cash and marketable securities. The combined value of its crypto, cash, and other investments stands at $17.2 billion.
ETF inflows continue but price lags
US spot Ethereum ETFs recorded approximately $689.9 million in net inflows for the week ending September 25, according to SoSoValue data. The momentum continued on Monday with an additional $1.74 million, marking seven consecutive trading days of inflows. These flows indicate demand for regulated ETH products, but ETF buying alone does not determine price.
Ethereum fell below $2,700 on Monday amid geopolitical tensions, weaker equities, and rising US Treasury yields, according to market reports. The divergence highlights that while treasury companies and ETF investors are adding exposure, short-term price movements remain driven by broader risk appetite and leveraged positioning.
Technical outlook: key levels to watch
The ETH/USD daily chart maintains a positive near-term bias as ETH holds above its moving averages, clustered between $2,605 and $2,314. The 14-day relative strength index sits near 63, indicating upward momentum though slightly cooled from earlier highs.
Immediate support is at $2,605, where a horizontal level aligns with the 20-day exponential moving average. A break below could open the door to $2,544 and then $2,432. On the upside, ETH must clear $2,786 to target $2,894 and $3,177.
These levels are areas traders may monitor, but they do not guarantee future price movement. The central question is whether ETH can hold nearby support long enough for treasury accumulation and ETF demand to translate into renewed momentum.
This article is for informational purposes only and does not constitute financial advice.
