Key Highlights
- BitMine executed a 6.1 million share repurchase last week, elevating July’s cumulative buyback to 11.6 million shares
- The firm acquired 9,946 ETH, elevating its aggregate holdings to 5.787 million ETH — approximately 4.8% of the circulating supply
- According to BitMine Chairman Thomas Lee, the ETH/BTC ratio reached a 3-month peak of 0.300
- ETH is currently trading near $1,950, approaching a 10-week peak, with critical resistance levels at $2,000 and $2,500
- US spot ETH ETFs recorded $103.9 million in net inflows during the past week, extending the inflow streak to three consecutive weeks
BitMine Immersion Technologies (BMNR) significantly expanded its Ethereum treasury last week, acquiring almost 10,000 ETH while simultaneously accelerating its share repurchase initiative to unprecedented volumes.
The Nevada-based enterprise purchased 9,946 ETH, elevating its cumulative holdings to 5.787 million ETH. Simultaneously, the company repurchased 6.1 million shares of its common stock during the past week, following a 5.5 million share buyback the previous week. July’s total share repurchases now reach 11.6 million under a pre-authorized $4 billion program.
Thomas Lee, BitMine’s Chairman, described it as the most substantial common stock buyback program ever implemented by any Ethereum or Bitcoin digital asset treasury corporation.
Market analyst Ted Pillows observed on X that spot demand for $ETH has remained robust throughout the month, stating “dips are getting bought and support zones are being defended.” He characterized the price movement as a bullish indicator for ETH’s immediate trajectory.
Ethereum Outpaces Bitcoin Performance
ETH appreciated approximately 2.4% during the previous seven days while Bitcoin declined roughly 0.7%, based on CoinGecko analytics. The ETH/BTC ratio achieved a 3-month peak of 0.300, which Lee identified as an indicator of building positive momentum.
Lee highlighted that ETH valuations have reached a 10-week peak and that crucial resistance levels to overcome are positioned at $2,000 and $2,500.
Approximately 4.917 million ETH from BitMine’s portfolio — roughly 85% of total holdings — is currently staked via its Made in America Validator Network (MAVAN). The corporation forecasts annualized staking returns of approximately $299 million upon complete deployment of all holdings.
As of July 26, BitMine’s aggregate cryptocurrency holdings, cash reserves, and marketable securities totaled $11.8 billion. The company also maintains a $180 million position in Beast Industries, $61 million in Eightco Holdings equity, and 208 Bitcoin.
Ethereum ETFs Record Third Consecutive Week of Positive Inflows
US spot Ethereum ETFs captured $103.9 million in net inflows during the past week, based on SoSoValue analytics. Aggregate net assets for these investment vehicles have now surpassed $10 billion, representing a third consecutive week of positive net inflows.
From a technical perspective, ETH rebounded from the 20- and 50-day EMAs positioned at $1,862 and $1,842 during the weekend before challenging the 100-day EMA at $1,937. The 14-day RSI currently hovers near 63, while the Stochastic Oscillator registers approximately 85.
ETH confronts resistance in the vicinity of $1,950. A daily closing price exceeding $2,018 and $2,107 would establish a pathway toward $2,211 with additional targets at $2,388 and $2,746. Initial support is located at $1,909.
The ETH/USDT trading pair experienced $142 million in liquidations during the past 24 hours, predominantly driven by $104.2 million in short position liquidations, according to Coinglass data.
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