Ethereum is trading below $1,700 as short-term selling pressure and market uncertainty dominate price action — but a major on-chain development complicates the bearish story.
Arkham Intelligence data shows Bitmine, the ETH treasury company founded by Tom Lee, has added $213.57 million of Ethereum to its holdings. That brings Bitmine’s stake to roughly $9.32 billion — about 4.59% of Ethereum’s circulating supply. Put simply: one entity now controls a historically large, concentrated chunk of ETH, removing a meaningful amount of supply from the open market.
Key facts
- Recent purchase: $213.57 million in ETH (Arkham data)
- Bitmine’s total ETH holdings: ~$9.32 billion (≈4.59% of circulating supply)
- Additional buying needed to reach 5% target: ~$819.86 million
Why this matters
- Concentration and float: ETH in Bitmine’s treasury isn’t immediately available for sale, tightening the tradable float and changing liquidity dynamics.
- Predictable demand: Bitmine appears to be executing a strategic accumulation toward a 5% threshold. With about $819.86 million left to buy at current prices, this creates a concrete, institutional source of demand that markets will have to price in — regardless of short-term sentiment.
- Conviction during weakness: The firm added sizable ETH while prices sit below $1,700, signaling a directional bet rather than opportunistic, short-term buying.
Technical backdrop
- ETH broke down from the $1,800–$1,900 support zone and is trading near $1,670 after falling as low as ~$1,500 in the recent sell-off.
- A failed recovery produced a lower high near $2,350, reinforcing a bearish trend that began after the 2025 peak above $4,800.
- Price now sits below the 50-, 100-, and 200-week moving averages; the 200-week MA (~$2,450) recently rejected price.
- The March–May recovery has effectively been erased; high volume during the decline suggests aggressive distribution rather than simple profit-taking.
- Near-term support to watch: $1,500–$1,600. Reclaiming $1,800 is likely the first prerequisite for any sustained recovery.
Bottom line
Technicals remain bearish and momentum is weak, but Bitmine’s accumulation introduces a significant structural demand factor. If the firm follows through to its apparent 5% target, nearly $820 million more of buying could create a durable support level that the market has not fully priced in. Traders and investors should watch Bitmine’s on-chain activity and whether ETH can reclaim the $1,800 zone to shift the narrative back toward recovery.
Sources: Arkham Intelligence on-chain data; charting via TradingView.
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