BitMine Immersion continued to build its direct Ethereum position, buying an additional 15,112 ETH and lifting its reported holdings to about 6.016 million tokens. The company said the purchases extend its “Alchemy of 5%” plan, positioning it near its goal of holding 5% of Ethereum’s circulating supply.
At the same time, US spot Ethereum exchange-traded funds saw continued outflows, underlining that demand is not uniform across investment channels. The mixed picture—one major corporate buyer adding exposure while ETF investors reduced holdings—kept investors focused on whether Ethereum can extend its recent post–third-quarter strength without thinner market liquidity turning into sharper swings.
Key takeaways
- Price move: Ethereum remains supported after a rejection near $2,790 and support around $2,657, with investors watching for a break either below support or above resistance.
- Catalyst: BitMine’s incremental accumulation of ETH to near its 5% supply target contrasted with net outflows from US spot Ethereum ETFs.
- Key implication: With liquidity reportedly thinner than in 2025, large trades could drive bigger moves even as the broader trend remains constructive.
- Next focus: Traders will likely track whether ETF flows stabilize and whether Ethereum clears the $2,790 level to open room for higher targets.
What drove the update from BitMine
BitMine Immersion reported purchasing another 15,112 ETH, bringing its treasury to approximately 6.016 million tokens. Based on the company’s disclosed market valuation, that stake was worth about $16.16 billion at the reported market price.
Management said the holdings represent roughly 4.9% of Ethereum’s circulating supply and that it is about 98.5% toward its “Alchemy of 5%” goal. The framing matters for markets because it signals a sustained, strategic accumulation rather than opportunistic buying.
The company also emphasized ongoing activity in staking. BitMine said it held about 5.067 million ETH staked through its Made in America Validator Network (MAVAN) and other staking partners—roughly 84% of its reported Ethereum holdings.
In addition to its Ethereum treasury, BitMine disclosed ownership of 214 BTC, along with equity stakes in Beast Industries and Eightco Holdings (the Worldcoin treasury company trading under ORBS). Cash and marketable securities totaled $643 million.
Stronger quarter meets liquidity concerns
BitMine’s latest disclosures come as Ethereum consolidates after a strong third quarter. Ethereum gained more than 70% during the quarter, its strongest quarterly performance since the first quarter of 2021, according to the reporting in the update.
BitMine Chairman Thomas Lee pointed to the relative performance, stating that ETH outperformed the S&P 500 by 6,832 basis points over the quarter. Lee also tied the strength to a challenging macro backdrop, referencing a hawkish Federal Reserve, higher oil prices, rising global bond yields and tighter financial conditions.
However, the company’s accumulation narrative is occurring alongside concerns about market depth. According to CoinGecko data cited in the report, Ethereum’s median market liquidity fell to approximately 35%–45% of Bitcoin’s, compared with at least 60% in 2025. Thinner liquidity can magnify price moves when buy or sell orders are large, increasing the risk of abrupt swings around technical levels.
ETF outflows temper the demand picture
While BitMine was adding to its treasury, US spot Ethereum ETFs recorded approximately $138 million in net outflows last week, according to SoSoValue data. The outflows followed four consecutive days of negative flows, and the selling continued on Monday with $50 million withdrawn from the funds.
The divergence is important for investors because it suggests that institutional exposure is splitting between different routes to ownership. In other words, one channel—direct corporate accumulation—can be expanding even as another—ETF allocations—contracts.
For bulls, a sustained return to ETF inflows would likely provide additional confirmation that broader institutional demand is re-emerging, particularly as Ethereum attempts to move through nearby resistance levels.
Technical levels: support holds, upside breakout unconfirmed
On the trading front, Ethereum held support near $2,657 over the weekend and into Monday after encountering rejection around $2,790 on Friday. The report also noted the 20-day exponential moving average sits just below that support, making the zone a key reference point for market participants.
A break below support could expose $2,550 and the 50-day EMA, followed by $2,432. On the upside, clearing $2,790 would put $2,880 and then $3,066 in view.
Momentum indicators remain constructive but not decisive. The report cited a Relative Strength Index near 59, suggesting bullish momentum after easing from overbought conditions. It also referenced liquidation activity: CoinGlass recorded $22.5 million in liquidations over 24 hours, including $12.9 million in longs.
For now, Ethereum’s range appears intact, with support holding while a confirmed upside breakout remains dependent on follow-through—potentially from both spot buying and more stable ETF demand.
Investors are likely to watch whether ETF flows stabilize, whether liquidity concerns translate into sharper volatility, and whether Ethereum can reclaim and hold above $2,790. Near-term price action will also hinge on broader risk sentiment and any upcoming catalysts that affect rates and financial conditions, which remain central to the macro backdrop referenced alongside the third-quarter rally.
