Ethereum rose nearly 3% over the past 24 hours, topping the $1,900 level as institutional activity in the U.S. continued to improve and a major crypto treasury operator shifted from buying more ether to returning capital via share repurchases. The move comes even as one large buyer, BitMine Immersion Technologies, slowed its weekly accumulation pace while nearing its self-stated target for ether ownership.
Key takeaways
- Price move: Ethereum climbed close to 3% and broke above $1,900.
- Catalyst: BitMine neared its ether ownership goal and reduced new purchases, while U.S. spot Ethereum exchange-traded funds attracted inflows.
- ETF implication: Two consecutive weeks of positive ETF flows suggest institutional sentiment is recovering, though demand remains below prior outflow levels.
- Positioning: Technical levels remain supportive near key moving averages, with investors watching a test of resistance around $1,940.
BitMine slows ether accumulation near its ownership target
BitMine acquired 7,430 ETH over the past week, a smaller purchase than it has made since adopting its Ethereum-focused treasury strategy. The company’s latest buy increased its holdings to 5.777 million ETH, which BitMine valued at approximately $10.86 billion at the time of writing.
The company now controls roughly 4.8% of Ethereum’s circulating supply, leaving it about 0.2 percentage points short of its stated goal of owning 5% of all ETH in circulation. BitMine previously indicated that its ether purchases would moderate as it approached this long-term accumulation target.
Rather than deploying additional capital into new ETH buys, BitMine redirected funds toward repurchasing its own shares. According to the company, last week it spent approximately $85.88 million to buy back around 5.5 million common shares at an average price of $15.61. The repurchases were carried out under BitMine’s previously authorized $4 billion share buyback program.
BitMine also reiterated its commitment to staking. The company said it has staked 4.917 million ETH, representing about 85% of its Ethereum holdings, through its institutional staking platform, Made in America Validator Network (MAVAN). BitMine added that the staked assets are expected to generate approximately $247 million in annualized staking revenue.
In addition to its Ethereum exposure, BitMine disclosed holdings including 207 bitcoin (BTC), an investment in Beast Industries valued at $180 million, a $58 million stake in Worldcoin (WLD) via its treasury, an investment in Eightco Holdings (ORBS), and $385 million in cash and marketable securities.
ETF flows support sentiment as recovery extends
Beyond corporate treasury activity, the market’s attention has focused on U.S. spot Ethereum exchange-traded funds. Data compiled by CoinGlass showed funds attracted $38 million on Monday, after recording a net inflow of $105.4 million last week.
The inflows extend the ETFs’ recent recovery to two consecutive weeks of positive flows. That contrasts with the period before, when the products endured eight straight weeks of net outflows. Most of last week’s inflow came from BlackRock’s iShares Ethereum Trust, which brought in $135.31 million, while several other Ethereum ETFs saw little or no activity and some continued to experience modest outflows.
Even so, the report suggested overall institutional demand is still subdued compared with the sizeable redemptions seen over the prior six months. For investors, the implication is that sentiment appears to be improving gradually rather than returning to the levels that prevailed before the earlier wave of outflows.
What traders are watching in Ethereum’s technical setup
Market commentary also pointed to a constructive near-term technical picture following Ethereum’s rally. The analysis cited by the original report described the ETH/USD 4-hour chart as bullish, noting that Ethereum is trading above the 20-day exponential moving average around $1,810 and the 50-day exponential moving average near $1,818, which the report said signals buyers regaining momentum.
Ethereum is approaching the 100-day moving average near $1,940, identified as a meaningful resistance area that previously rejected prices during last week’s advance. The report said momentum indicators remain supportive, including a relative strength index around 70 and MACD lines in positive territory. With Ethereum already above a stated resistance level around $1,909, it could push higher toward the 100-day moving average if the market holds the breakout.
On the downside, the report flagged initial support near $1,854, followed by clustered 20-day and 50-day moving averages around $1,810. It also outlined deeper downside zones if selling pressure intensifies, including support near $1,741 and additional levels around $1,524 and $1,404.
Bigger picture: corporate rotation and ETF-driven demand
BitMine’s shift from increasing its ETH balance to funding share buybacks is notable for how it frames near-term demand. With the company nearing its 5% circulating-supply objective, fewer marginal purchases could mean less incremental “buy-side” pressure from this particular holder—at least until it reassesses its strategy.
At the same time, the improving ETF flow trend provides an alternate route for institutional participation. If inflows persist and the market continues to absorb supply without triggering renewed outflows, it could help sustain price strength around key technical resistance levels.
What to watch next: investors are likely to focus on continued U.S. spot Ethereum ETF flows, any updates from large holders such as BitMine regarding whether they maintain staking and how they manage the pace of accumulation, and the market’s reaction as Ethereum tests resistance near the $1,940 area. Broader crypto sentiment may also remain sensitive to macro developments that affect risk assets and interest-rate expectations.
