Key Highlights
- Bitmine acquired 71,672 ETH in the past week, expanding total reserves to 5.278 million ETH (approximately $11.05B)
- Chairman Tom Lee characterized ETH’s decline beneath $2,200 as a compelling buying opportunity
- Ethereum has declined 8.7% in the past seven days, currently trading in the $2,100–$2,128 range
- A veteran Ethereum holder who exited positions twelve months ago has re-entered the market, according to Lookonchain data
- Critical support zone at $2,108 remains under pressure, with additional floors at $1,909 and $1,741 should it fail
Bitmine Immersion Technologies expanded its Ethereum holdings by 71,672 ETH during the previous week, elevating its aggregate position to 5.278 million ETH. Based on present market valuations, this reserve represents approximately $11.05 billion in value.
On Monday, Chairman Tom Lee publicly disclosed the acquisition, explaining that the firm views Ethereum’s recent retreat below $2,200 as a strategically advantageous entry point. Bitmine currently maintains the world’s largest corporate Ethereum treasury and ranks as the second-largest institutional cryptocurrency holder globally, trailing only Michael Saylor’s Strategy.
The firm has established an ambitious target of controlling 5% of ETH’s total circulating supply, which currently stands at 120.7 million tokens. To achieve this objective, Bitmine requires approximately 756,538 additional ETH to surpass the 6 million token threshold. Lee projected the company would accomplish this milestone “sometime in 2026.”
Additionally, Bitmine has allocated 4.71 million ETH to its Made in America Validator Network (MAVAN) for staking purposes, producing annual staking yields totaling $289 million.
Market analyst Daan Crypto Trades shared his perspective on X, observing that ETH experienced a breakdown following its inability to breakthrough the $2,400 resistance zone. He suggested a bullish retest of that price point remains feasible early this week, though a bearish retest scenario could push ETH back beneath the $2,000 threshold. He emphasized that Bitcoin’s price action will likely dictate Ethereum’s directional movement.
Major Investor Re-Entry
Bitmine’s purchases weren’t isolated. On-chain analytics firm Lookonchain disclosed Saturday that a long-term Ethereum holder — who maintained their position for more than ten years before liquidating everything twelve months prior — has resumed accumulation. This whale acquired 1,951 ETH at an average price of $2,182. Lookonchain indicated the wallet “may keep buying.”
Over the previous seven days, ETH has fluctuated between $2,081 and $2,341. As of Tuesday, the asset was trading near $2,128, representing an 8.7% weekly decline.
Critical Technical Levels
From a chart perspective, Ethereum is currently challenging the $2,108 support threshold. The 20-day, 50-day, and 100-day exponential moving averages all reside above the current price action, clustered in the $2,256–$2,338 zone and forming a formidable resistance barrier.
The Relative Strength Index has fallen into the low 30s while the Stochastic Oscillator indicates deeply oversold conditions. Should the $2,108 level fail to hold, subsequent support zones are identified at $1,909, $1,741, $1,524, and $1,405.
Ethereum reached its all-time peak of $4,946 in August 2025 but has subsequently declined approximately 57%. Investment vehicles focused on Ethereum experienced net outflows totaling $249 million during the past week, while liquidations over the last 24-hour period reached $322.4 million — with $296.9 million representing forced closures of long positions.
Lee also addressed the CLARITY Act, which successfully advanced through the Senate Banking Committee last week. He acknowledged remaining obstacles but expressed his belief that passage probability exceeds the 61% currently reflected on Polymarket prediction markets.
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