Ethereum is testing key support near $1,500 as BitMine acquires 126,971 ETH, boosting its holdings to 5.54 million ETH amid growing signs of long-term accumulation. | Credit: CCN.com
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Key Takeaways
BitMine made its largest Ethereum purchase of 2026, acquiring 126,971 ETH in a single week and increasing its total holdings to 5.54 million ETH.
Ethereum remains under heavy pressure, trading around 66% below its August 2025 all-time high of $4,946.
Institutional investors are buying while retail sentiment remains weak, suggesting a growing divergence between long-term conviction and short-term market fear.
Ethereum is facing one of its most challenging periods since the 2022 bear market, with the world’s second-largest cryptocurrency trading nearly 70% below its all-time high and investor sentiment deteriorating amid persistent market weakness.
Yet while retail investors continue to exit positions and spot Ethereum ETFs experience outflows, a growing number of institutional players appear to be viewing the current downturn as a rare accumulation opportunity.
The latest example comes from BitMine Immersion Technologies, which made its largest Ethereum purchase of 2026 by acquiring 126,971 ETH in a single week.
The move has reignited debate over whether Ethereum is approaching a long-term bottom or whether further downside remains ahead.
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BitMine’s latest purchase stands out not only for its size but also for its timing. The company tripled its weekly Ethereum acquisition compared to the previous week, bringing its total holdings to 5.54 million ETH, equivalent to approximately 4.59% of Ethereum’s circulating supply.
The purchase comes as Ethereum trades near multi-year lows, having fallen from its August 2025 peak of nearly $5,000 to around $1,620.
While many investors have reduced exposure during the downturn, BitMine Chairman Tom Lee argues that Ethereum’s price weakness is disconnected from the network’s underlying fundamentals.
1/ BitMine provided its latest holdings update for June 8, 2026
$9.6 billion in total crypto + "moonshots": – 5,543,872 ETH at $1,630 per ETH per ETH (per@coinbase) – 203 Bitcoin (BTC) – $200 million stake in Beast Industries @MrBeast – $88 million stake in…
The company’s strategy goes beyond simple accumulation. More than 4.7 million ETH of its holdings are actively staked through its institutional staking platform, generating annualized staking revenue estimated at over $230 million.
At current growth rates, BitMine expects staking income could eventually reach $270 million annually.
Lee has also linked Ethereum’s long-term value proposition to the growth of artificial intelligence, arguing that increasingly autonomous AI systems will require decentralized infrastructure for settlement, verification, and security.
While such forecasts remain speculative, they reflect a broader institutional narrative that Ethereum remains one of the most strategically important blockchain networks despite its recent price collapse.
On-Chain Metrics Suggest Ethereum Is Entering a Historic Accumulation Zone
Beyond BitMine’s purchase, several on-chain indicators suggest Ethereum may be approaching valuation levels historically associated with market bottoms.
One of the most notable metrics is the percentage of ETH supply sitting at a threefold profit. According to recent data, only 11% of Ethereum’s supply currently meets that threshold, the lowest reading since February 2017.
Historically, such conditions have emerged during periods of maximum market pessimism rather than euphoric peaks.
Ethereum’s position remains below the 0.8 MVRV pricing band, a metric commonly used to identify undervaluation zones. Previous instances where ETH traded below this threshold have often coincided with attractive long-term accumulation opportunities.
Network activity provides additional support for the bullish thesis. While active addresses and transaction counts have declined from their early-2026 highs, both metrics remain significantly above levels recorded during the 2025 rally.
Notably, active addresses rebounded sharply when Ethereum approached the $1,500 level, suggesting buyers continue to view that area as a critical support zone.
Perhaps the strongest signal comes from staking activity. The total supply of staked ETH has climbed to a record 39.28 million coins, while validator entry queues remain heavily populated.
This indicates that investors are choosing to lock up ETH for yield generation rather than liquidate holdings during the downturn.
The cryptocurrency continues to trade below its major moving averages, while momentum indicators such as the MACD and Aroon Oscillator still point toward bearish market control.
Although the Relative Strength Index (RSI) has fallen into oversold territory, oversold conditions alone do not guarantee a reversal.
Ethereum has broken through the floor of a rising trend channel. | Credit: InvestTech
The most important level remains the $1,500 support zone. Analysts have drawn comparisons to June 2022, when Ethereum briefly collapsed below major support levels before bottoming near $880 and launching a multi-year recovery.
Today’s market structure bears similarities, with ETH currently down approximately 68% from its cycle high.
If Ethereum can maintain weekly closes above $1,500, the current selloff could ultimately resemble a capitulation event that precedes recovery.
However, a decisive breakdown below that level could expose the next major support zone near $1,000, creating the risk of another significant leg lower.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors.
Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.
