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 a week in the past, touching a low of $2202. 

At press time, Ethereum traded at $2,225, down 1.7% on the day by 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. 

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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 robust Ethereum treasury on the demand aspect. 

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

The most recent buy brings Bitmine’s complete ETH holdings to 2.59 million ETH price $11.7 billion, marking a 36% improve up to now 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 various purchases in October. 

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

These companies stopped accumulating, most certainly as a result of rising losses. The whole 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 whilst ETH holdings are at a report 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 point, with short-term momentum turning closely bearish. Actually, the altcoin’s Relative Energy 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 transferring averages, additional confirming this downward momentum.

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

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

Remaining Abstract

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