BitMine went on a buying spree last week, scooping up 126,971 ETH — more than triple its usual weekly pace of 26,497 coins. The purchase brings the mining firm's total stash to 5,543,872 ETH, roughly 4.59% of Ethereum's entire supply. Chairman Tom Lee didn't flinch at the price slide, telling investors this is "the early stages of a crypto spring" and that ETH benefits from AI demand for decentralized infrastructure.
BitMine's buying spree
BitMine now owns 92% of its year-end target to hold 5% of Ethereum's supply. The bulk of its position — 4,718,677 ETH worth about $7.7 billion — is staked on its own MAVAN platform, earning a 2.99% 7-day yield. That's good for roughly $230 million in annual staking revenue, according to the company. At current prices, BitMine's total ETH holdings clock in at around $9.04 billion.
Price action and the technical picture
None of that buying has stopped the bleeding. ETH hit a low of $1,522 last week and is now crawling in the $1,670–$1,712 range. It's down 15.3% over seven days and 28.1% over the past month. From its all-time high of $4,946 set last August, that's a 66% haircut. The technicals are ugly: ETH sits below its 20-, 50-, and 100-day exponential moving averages, with an RSI around 27, a Stochastic at 26, and an Aroon Oscillator at -78.57. Crypto analyst Ali Charts noted ETH is below the 0.8 MVRV Pricing Band — historically a high-probability accumulation zone — and flagged a TD Sequential buy signal. Analyst Ash Crypto drew a parallel to the June 2022 crash to $880, warning that if ETH holds $1,500 on the weekly, a similar recovery could follow. A close below that level, he said, opens the door to $1,000 support.
ETF money tells a different story
While BitMine loads up, institutional flows have been mixed. U.S. spot Ethereum ETFs saw $540 million in net outflows during May and another $168 million in the first week of June. But on June 8, that flipped — $82.37 million in daily net inflows. Cumulative inflows since launch stand at $11.28 billion, with net assets of $9.36 billion. The past 24 hours also saw $66.3 million in ETH liquidations, $33.8 million of them on the long side.
What happens if $1,500 breaks
The seven-day trading range is $1,522 to $1,980 — tight, and near the bottom. A weekly close below $1,500 would likely send ETH toward the $1,000 zone, echoing the 2022 pattern Ash Crypto described. BitMine's Chairman is betting the other way, arguing fundamentals are strengthening. For now, the market gets to decide which side is right by Friday's weekly close.
