Ethereum is struggling below $1,700 as selling pressure and market uncertainty continue to dictate the near-term price structure. Although the asset has lost significant ground from levels that briefly offered hope for a sustained recovery, Arkham Intelligence data has revealed institutional developments that are reshaping what is happening beneath the surface of the current weakness in ways that require attention.
Bitmine, the Ethereum finance company founded by renowned investor Tom Lee, whose bullish macro calls and institutional credibility have made him one of the most visible voices in the relationship between traditional finance and cryptocurrencies, just announced a total purchase of $213.57 million in Ethereum. With this acquisition, Bitmine’s total ETH holdings will be 4.59% of the total circulating supply.
BitMine Move Info | Source: Arkham
This number takes some time to understand. A single entity controlling 4.59% of Ethereum’s total supply represents one of the most concentrated institutional positions in the asset’s history. At current prices, this position is significant not only from a dollar perspective, but also for its structural impact on the available float. The ETH that is committed to Bitmine’s financial strategy is ETH that cannot be immediately sold on the open market.
Tom Lee’s company has not reduced its exposure to Ethereum’s weaknesses. The company has announced $213 million in acquisitions during that period, expressing directional confidence in where the asset is headed, with its current price below $1,700 not falling.
Ethereum 9.32 billion, still buying
Arkham’s data reveals the overall scale of what Bitmine has already built and the specific destination its accumulation strategy is aiming for. The company currently holds approximately $9.32 billion worth of Ethereum, representing 4.59% of the circulating supply. This position is already one of the largest single entity Ethereum holdings ever recorded on-chain.
However, the accumulation is not complete. To reach the 5% threshold, which seems to represent Bitmine’s short-term strategic goal, the company would need to purchase an additional $819.86 million in Ethereum at current prices.
This number is the most important forward signal in Arkham Data. With approximately $820 million in identified and quantifiable purchasing requirements, institutional investors represent a tangible and predictable source of demand that the market should price in, regardless of current sentiment. Bitmine is not purchased opportunistically based on daily price fluctuations. It is running in line with its declared strategic objectives, and the distance between the current 4.59% and 5% target defines exactly how much additional purchases remain in the future.
For Ethereum, which is struggling below $1,700 under selling pressure, the presence of a single buyer deploying $819 million at current or below prices creates a structural demand floor that most market participants have not yet fully factored into their valuations of where true support exists.
Ethereum ends multi-year support
Ethereum remains under strong pressure on a weekly basis after breaking below the key $1,800-$1,900 support zone that has kept the price in check for most of 2026. This breakdown confirms a major change in market structure, with ETH currently trading around $1,670 after hitting lows around $1,500 during the recent decline. More importantly, the attempt to recover from the March lows has failed, cutting highs around $2,350 and reinforcing the broader bearish trend that has been developing since the 2025 peak above $4,800.
Ethereum setting fresh yearly lows | Source: ETHUSDT chart on TradingView
The technical damage is enormous. ETH is currently below its 50-week, 100-week, and 200-week moving averages, and all major trend indicators are above the current price action. The 200-week moving average near $2,450 once again rejects the price, while the 50-week and 100-week averages continue to trend lower, confirming deteriorating momentum across multiple time frames.
From a market structure perspective, the recent collapse erased the entire March-May recovery and pushed Ethereum back to levels last seen during the Q1 capitulation. The sharp increase in volume during the decline suggests that the move was driven by aggressive distribution rather than regular profit taking.
Although the bulls are looking to stabilize above the $1,500-$1,600 area, regaining the lost $1,800 support zone remains the primary requirement before any meaningful recovery can begin. Until then, the rally is likely to face significant selling pressure as the bears maintain control of the trend.
Featured image from ChatGPT, chart from TradingView.com
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