Ethereum’s price recently fell below the critical $2,000 threshold, yet institutional investors maintained a firm accumulation strategy. Bitmine, one of the largest holders of Ethereum, increased its holdings by 25,000 ETH through a transfer valued at nearly $48 million from BitGo. This move reinforces the company’s ongoing commitment to building its Ethereum treasury despite a challenging price environment.
Bitmine already holds over 5.4 million ETH, representing the vast majority of its digital assets, with Bitcoin making up only a tiny fraction. The latest purchase signals continued confidence in Ethereum’s long-term prospects despite price pressures and a broad market downturn. This activity forms part of a larger trend where institutional buyers absorb sell-side liquidity, preventing further sharp declines despite weak market sentiment.
Spot market data reflects this resilience. The Spot Taker CVD (Cumulative Volume Delta) indicator remains in buy-dominant territory, signaling that aggressive buyers consistently purchase Ethereum even as prices decline. Instead of withdrawing, these buyers continue to absorb sell orders, suggesting robust demand beneath the surface. However, this buying pressure has yet to trigger a sustained price recovery amid ongoing negative sentiment.
Supporting this accumulation narrative, Ethereum’s supply on exchanges has dropped significantly, falling by nearly 8% to roughly $28.3 billion in value. Typically, investors withdraw tokens from exchanges when intending to hold rather than sell immediately, so shrinking exchange reserves often indicate growing accumulation. This pattern aligns with Bitmine’s purchases and the broader institutional buy-side demand.
On the technical side, Ethereum’s breach of the $2,000 support level marked a weakening in its price structure. After falling below this level, prices hovered near $1,844, with the next major support zone around $1,800—a level that previously served as a strong buying area following a sharp decline earlier in the year. The former $2,000 support now functions as resistance, with $2,400 marked as a broader resistance target.