BitMine doubles down on Ethereum as price tumbles — but charts stay grim
Ethereum slipped to a low of $1,522 last week before a modest bounce into the $1,670–$1,712 band this week. That recovery hasn’t erased the damage: ETH is down roughly 15.3% over seven days and about 28.1% over 30 days. From its August 2025 peak near $4,946, the token has given up roughly two-thirds of its value—about a 66% decline.
Amid retail capitulation, institutional conviction arrived in a big way. BitMine (NYSE: BMNR) disclosed it bought 126,971 ETH last week — triple the 26,497 ETH it purchased the prior week — bringing its holdings to 5,543,872 ETH, or roughly 4.59% of Ethereum’s total supply. The company says it aims to own 5% by the end of 2026, meaning it’s roughly 92% of the way to that target. BitMine values its stash at about $9.04 billion, with 4,718,677 ETH (≈$7.7 billion) actively staked through its MAVAN institutional staking platform.
Staking currently yields about 2.99% on a seven-day basis via MAVAN, which BitMine projects will generate roughly $230 million in annualized revenue; Chairman Tom Lee has suggested staking rewards could reach $270 million at full scale. Lee defended the accumulation, saying the recent price drop “does not reflect the strengthening of Ethereum’s fundamentals” and calling the environment the early phase of a “crypto spring.” He also argued that rising AI demand for resilient, decentralized infrastructure should benefit Ethereum over the long term.
But the technicals tell a more cautious story. On the daily chart, ETH trades well below its 20-, 50- and 100-day EMAs, which are clustered between $1,874 and $2,178. Momentum indicators look oversold: the 14-day RSI sits near 27 and the Stochastic around 26, yet neither has confirmed a reversal. The MACD reads -143.07, below its signal line of -118.76, and the Aroon Oscillator at -78.57 points to continued seller dominance.
On-chain metrics underscore the strain. Only about 11% of ETH supply currently sits at least threefold in profit — the weakest level since February 2017. Crypto analyst Ali Charts highlighted that ETH trading below the 0.8 MVRV band historically marks a “high-probability long-term accumulation zone,” and flagged a TD Sequential buy signal that can indicate seller exhaustion, though it isn’t a standalone confirmation of a trend reversal.
Others are drawing historical parallels. Analyst Ash Crypto compared the current drop (about a 68% fall from the August 2025 peak he referenced around $4,953) to Ethereum’s June 2022 collapse to $880. He suggested that holding the $1,500 zone on a weekly close could set the stage for a similar recovery pattern, while a weekly close below $1,500 could open a lower support target near $1,000.
ETF flows and market structure add to the mixed picture. U.S. spot Ethereum ETFs recorded roughly $540 million in net outflows in May and another $168 million in early June, but June 8 saw a reversal with $82.37 million in daily net inflows. Total cumulative ETF inflows stand at $11.28 billion and aggregate net assets at $9.36 billion. Short-term volatility remains high: the market saw about $66.3 million in liquidations over the past 24 hours, including $33.8 million on the long side.
The last week’s trading range — $1,522 to $1,980 — captures how wide swings have been. Whether the $1,500 zone holds and whether BitMine’s large buy signals a turning point for Ethereum are questions traders and institutions will be watching closely in the coming weeks.
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