Ethereum is showing signs of continued weakness as it lingers below key resistance levels, even as Bitcoin posts moderate gains.
BitMine increases Ethereum holdings and share repurchases
BitMine Immersion Technologies has extended its weekly Ethereum acquisition streak, purchasing 9,926 ETH last week. This series of acquisitions, which began in June 2025, has grown the company’s Ethereum treasury to 5.815 million tokens.
Alongside these digital asset purchases, BitMine repurchased 1.7 million of its own BMNR shares. Since the start of July, cumulative buybacks have reached 20.8 million shares within the frame of a $4 billion stock-buyback program previously approved by the company.
BitMine has also staked about 5.067 million ETH, accounting for 87% of its total Ethereum holdings. The company estimates that these staked assets generate an annualized revenue of $250 million through staking rewards.
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AAPLThe BitMine treasury also contains 210 Bitcoin, $73 million in Eightco Holdings shares, a $180 million stake in Beast Industries, and $78 million distributed between cash and marketable securities.
BitMine Chairman Thomas Lee predicts that Ethereum could outperform Bitcoin during the next market cycle, citing the blockchain’s potential role in asset tokenization and the growth of agentic artificial intelligence impacting financial markets.
Thomas Lee highlighted that the ETH/BTC ratio recently broke above a year-long downtrend, which he associates with phases when Ethereum has previously outpaced Bitcoin’s performance during bullish periods. He referenced past cycles, including the initial coin offering surge in 2017 and 2018, the non-fungible token boom of 2020 and 2021, and the stablecoin wave in 2025, to illustrate Ethereum’s track record of driving new blockchain adoption trends.
Lee added that the next expansion could be supported by the adoption of blockchain technology by Wall Street institutions and the increasing use of blockchain networks by autonomous artificial intelligence agents completing programmatic transactions.
Ethereum’s smart contract architecture positions it well for these developments, enabling the tokenization of real-world assets, deployment of stablecoins, and creation of decentralized applications and programmable payments.
A broader transformation is underway in financial markets. As Wall Street moves toward Web3 infrastructure, investors are beginning to use platforms such as 1stepSwap to hold shares of large U.S. companies, gold, and silver directly within their crypto wallets. The tokenization of real-world assets and aggregation of optimal prices by such platforms is eliminating traditional intermediaries, accelerating asset settlement and accessibility.
Current market trends and ETF flows
Despite BitMine’s ongoing accumulation, institutional demand for Ethereum slightly decreased last week. Spot Ethereum exchange-traded funds in the United States recorded $2.26 million in net outflows, reversing a five-week streak of positive flows, according to data from SoSoValue.
This trend proved temporary, as the ETFs saw an inflow of $4.95 million on Monday, indicating a return of demand and investor interest at the start of the week.
Ethereum price analysis: Eye on $1,918 and beyond
Ethereum is currently trading above its 20-day and 50-day exponential moving averages, located at approximately $1,885 and $1,868. These levels act as key support for the asset, while the 100-day EMA, set at $1,918, continues to cap price recovery attempts.
Market indicators point toward a cautiously optimistic outlook for Ethereum. The Relative Strength Index hovers near 54, and the Stochastic oscillator is around 63, reflecting increasing buying activity but not yet reaching overbought territory.
A decisive move above the 100-day EMA would bring horizontal resistance at $1,961 into play. Persistent buying momentum above this barrier could fuel a further rally toward the $2,172 and $2,431 levels.
If Ethereum faces another rejection at $1,918, it may revisit its 20-day and 50-day moving averages near $1,885 and $1,868 respectively. A break below these support zones could target deeper levels at $1,809, with potential downside extending to $1,701 and $1,507 in the event of heavier selling.
