Ethereum: Can Bitmine’s $197 mln ETH buy spark a trend reversal?

Ethereum [ETH] has closed at decrease lows for the reason that uptrend collapsed at $2382 almost every week in the past, touching a low of $2202. 

At press time, Ethereum traded at $2,225, down 1.7% on the each day chart, extending its 3% weekly decline. Whereas the market is on a decline, some market gamers, particularly giant entities, have continued to build up. 

Bitmine provides 89,026 ETH for $197.64 million

ETH has recorded comparatively poor efficiency in 2026 regardless of recovering from the $1.8k slip. Over this prolonged interval, Tom Lee’s Bitmine remained the one sturdy Ethereum treasury on the demand aspect. 

With the newest buy, Bitmine purchased 89,026 ETH value $197.64 million, in response to Lookonchain. The entity used 4 totally different wallets to withdraw these tokens throughout Kraken and FalconX.

The newest buy brings Bitmine’s whole ETH holdings to 2.59 million ETH value $11.7 billion, marking a 36% improve previously 3 months. 

Why Ethereum treasuries have scaled again

Apparently, a lot of the Ethereum treasuries have stepped again from the market. In 2026, solely Bitmine continued to build up alongside different different purchases in October. 

For example, Sharplink Gaming and Ether Machine final bought ETH in October and September 2025. For the Ethereum Basis, the agency has been extraordinarily energetic on the sell-side in 2026, with no single buy. 

These corporations stopped accumulating, most probably as a result of rising losses. The full worth of their holdings dropped from $23 billion to $16 billion.

This resulted in over $7 billion in losses for the reason that 2025 peak, discouraging them from persevering with to build up. Apparently, losses mount at the same time as ETH holdings are at a document excessive of seven.3 million, or 6% of the whole provide.

What’s subsequent for ETH?

Regardless of Bitmine’s sustained accumulation spree, the entity’s demand has proved insufficient to soak up the rising stress.

As such, the market construction has proven relative weak spot, with short-term momentum turning closely bearish. In truth, the altcoin’s Relative Power Index (RSI) fell deeper into the bearish zone, sitting at 41.

At these ranges, RSI signifies that sellers have dominated the market, reinforcing draw back threat. On the similar time, ETH fell beneath each short-term and long-term shifting averages, additional confirming this downward momentum.

Taken collectively, these two indicators counsel a weak market and a continued development. Due to this fact, with giant entities taking a step again, ETH dangers additional losses, falling beneath $2.2k.

For a development reversal, ETH must flip the 20/50-day EMAs and shut above $2.3k.

Closing Abstract

• Tom Lee’s Bitmine purchased 89,026 ETH value $197.64 million, elevating its whole ETH holdings to 2.59 million ETH. 
• The Ethereum market stays comparatively weak, with treasury corporations stepping again from accumulation.