Ethereum ($ETH) closed its lowest since breaking its uptrend at $2,382 and hitting a low of $2,202 about a week ago.
At the time of writing, Ethereum was trading at $2,225, down 1.7% on the daily chart, extending its weekly decline of 3%. While the market is shrinking, some market participants, especially large companies, continue to accumulate.
Bitmine adds 89,026 $ETH $197.64 million
$ETH recorded a relatively poor performance in 2026, despite recovering from a decline of $1.8,000. Over this long period, Tom Lee’s Bitmine remained the only strong Ethereum treasury on the demand side.
In the latest purchase, Bitmine bought 89,026 $ETH According to Lookonchain, worth $197.64 million. The entity used four different wallets to withdraw these tokens from Kraken and FalconX.
Latest purchases bring total Bitmine $ETH Number of shares held is 2.59 million shares $ETH It has increased by 36% in the past three months and is now worth $11.7 billion.
Why Ethereum government bonds have shrunk in size
Interestingly, most of the Ethereum bonds have been withdrawn from the market. In 2026, only Bitmine continued to accumulate alongside other alternative purchases in October.
For example, your last purchased Sharplink game and Ether machine. $ETH In the case of Ethereum Foundation, the company was very active on the sell side in 2026 and never made any purchases.
These companies have probably stopped accumulating due to increasing losses. Their total holdings fell from $23 billion to $16 billion.
The result has been more than $7 billion in losses since its peak in 2025, preventing losses from continuing to accumulate. Interestingly, Even so, losses will increase $ETH The amount in stock is a record high of 7.3 million units, equivalent to 6% of the total supply.
what’s next $ETH?
Despite Bitmine’s continued accumulation, corporate demand has proven insufficient to absorb the upward pressure.
As such, market structure is showing relative weakness and short-term momentum has turned significantly bearish. In fact, the altcoin’s relative strength index (RSI) fell even deeper into the bearish zone, remaining at 41.
At these levels, the RSI indicates that sellers are in control of the market, reinforcing downside risk. at the same time, $ETH has fallen below its short-term and long-term moving averages, further confirming this downward momentum.
Together, these two indicators suggest a weak market and a continuation of the trend. So big companies take a step back and $ETH 2. Below $2,000 there is a risk of further loss.
In order to change the trend, $ETH The 20/50-day EMA should reverse and close above $2.3,000.
Final summary
- Tom Lee’s Bitmine bought 89,026 $ETH The total amount was equivalent to $197.64 million, and the total amount increased. $ETH Number of shares held is 2.59 million shares $ETH.
- The Ethereum market remains relatively depressed, and financial companies are pulling back from accumulation.
