Bitmine has intensified its Ethereum accumulation by acquiring 89,026 ETH worth nearly $198 million, raising its total holdings to 2.59 million ETH valued at $11.7 billion. This marks a significant 36% increase over the past three months, positioning Bitmine as the largest active Ethereum treasury amid a broader market downturn.
While Bitmine continues to buy aggressively, the broader Ethereum market has struggled. ETH’s price has fallen from a recent peak of $2,382 to lows around $2,202, leaving it down over 3% in the past week. Technical indicators reflect this weakness, with the Relative Strength Index deep in bearish territory at 41, alongside price levels dropping below both short-term and long-term moving averages. These trends underscore persistent selling pressure and heighten downside risk for the token.
Contrasting Bitmine’s strategy, most Ethereum treasuries have curtailed their purchases this year, driven by mounting losses. Total holdings among these institutional investors shrank in value from $23 billion to $16 billion, signifying more than $7 billion in paper losses since Ethereum’s 2025 highs. Firms like Sharplink Gaming and Ether Machine have not added ETH since late 2025, while the Ethereum Foundation has been an active seller without new acquisitions this year. Despite a record-high cumulative holding of 7.3 million ETH among treasuries—equivalent to 6% of total supply—the reluctance to buy signals hesitation amid unfavorable market conditions.
For Ethereum to reverse its downward trajectory, it needs to regain control above critical technical thresholds, notably closing above the $2,300 mark and surpassing the 20- and 50-day exponential moving averages. Until these signals emerge, the market outlook remains cautious, with a risk of further declines below $2,200.