Ethereum (ETH) has broken above the $1,900 level, outperforming most major cryptocurrencies with a nearly 3% gain in the past 24 hours. The move comes as institutional treasury firm BitMine Immersion Technologies (NYSE: BMNR) significantly reduced its weekly Ethereum purchases, raising questions about the sustainability of demand from one of the largest corporate holders.
BitMine Nears 5% Supply Target, Shifts to Buybacks
BitMine acquired just 7,430 ETH over the past week, its smallest weekly purchase since adopting its Ethereum-focused treasury strategy. The company now holds approximately 5.777 million ETH, valued at roughly $10.86 billion, representing about 4.8% of Ethereum's circulating supply. That leaves it only 0.2 percentage points shy of its stated goal of owning 5% of all ETH in circulation.
In line with earlier guidance, BitMine has moderated its buying pace as it approaches the accumulation target. Instead of deploying additional capital into ETH, the Las Vegas-based firm directed funds toward repurchasing its own shares. Last week, it spent approximately $85.88 million to buy back about 5.5 million common shares at an average price of $15.61, under its previously authorized $4 billion buyback program.
"We view the purchase of our common shares as accretive to shareholder value," BitMine Chairman Thomas Lee said in a statement.
Staking Revenue and Diversified Holdings
BitMine reaffirmed its commitment to staking as a core component of its treasury strategy. The company has staked 4.917 million ETH—roughly 85% of its Ethereum holdings—through its institutional staking platform, Made in America Validator Network (MAVAN). According to the firm, these staked assets are expected to generate approximately $247 million in annualized staking revenue.
Beyond Ethereum, BitMine disclosed holdings of 207 Bitcoin (BTC), a $180 million investment in Beast Industries, a $58 million stake in the Worldcoin (WLD) treasury, an investment in Eightco Holdings (ORBS), and $385 million in cash and marketable securities.
ETF Inflows Improve, but Sentiment Remains Cautious
Institutional demand for Ethereum through US spot ETFs continued to improve. Data from CoinGlass showed the funds attracted $38 million on Monday, following a net inflow of $105.4 million last week. That marks two consecutive weeks of positive flows after eight straight weeks of net outflows. Most of last week's inflows came from BlackRock's iShares Ethereum Trust (ETHA), which drew $135.31 million.
However, overall ETF demand remains subdued compared to the substantial redemptions seen over the past six months, indicating that institutional sentiment is improving only gradually. For more on recent price action, see Ethereum Holds Above $1,900 as Staking Revenue Surges; Key Resistance at $1,950.
Technical Outlook: Bulls Target $1,940 and Beyond
From a technical perspective, ETH maintains a constructive short-term outlook after reclaiming key moving averages. The cryptocurrency is trading above both the 20-day Exponential Moving Average (EMA) at $1,810 and the 50-day EMA at $1,818, suggesting buyers are regaining momentum. ETH is now approaching the 100-day EMA near $1,940, a significant resistance level that was rejected during last week's rally.
Momentum indicators favor the bulls. The Relative Strength Index (RSI) sits around 70, indicating healthy buying momentum, while the MACD lines remain in positive territory. A decisive close above the 100-day EMA could pave the way for gains toward $2,018 and $2,107, with further upside targets at $2,211 and $2,388.
On the downside, initial support lies near $1,854, followed by the clustered 20-day and 50-day EMAs around $1,810. If selling pressure intensifies, Ethereum could retest support near $1,741, while a break below that level would expose deeper support zones around $1,524 and $1,404. For additional context on recent resistance levels, see Ethereum Retreats After Brief $1,930 Break as Macro Headwinds Return.
As BitMine's buying slowdown coincides with a broader improvement in ETF flows, the market will watch closely whether Ethereum can sustain its momentum above $1,900 and challenge the 100-day EMA. The interplay between corporate accumulation, staking yields, and institutional ETF demand will likely shape ETH's trajectory in the coming weeks. For a deeper dive into exchange dynamics, see Ethereum Bulls Eye Breakout Above 100-Day EMA as Exchange Outflows Surge.
This article is for informational purposes only and does not constitute financial advice.
