- BitMine has tripled its weekly ETH purchases to 126,971 tokens, and now owns 4.59% of the supply.
- Only 11% of Ethereum supply achieved a triple-digit gain, the lowest reading since February 2017.
- A weekly close below $1,500 could push ETH towards the $1,000 support area.
Ethereum price fell to a low of $1,522 last week before bouncing back within the $1,670-1,712 range at the beginning of this week.
While the recovery is modest, Ethereum’s price is still down 15.3% over the past seven days and 28.1% over the past 30 days. From an all-time high of $4,946 set in August 2025, the token has now lost approximately 66% of its value.
However, while most retail traders were heading towards the exit, BitMine Immersion made a massive purchase.
BitMine makes largest ETH purchase of 2026
According to what was circulated press releaseBitMine (NYSE: BMNR) acquired 126,971 ETH last week, triple its purchase of 26,497 ETH last week.
This brings the company’s total holdings to 5,543,872 ETH, or about 4.59% of the total supply of Ethereum.
BitMine has stated that it intends to reach 5% ownership before the end of 2026, which means it is reaching 92% of that goal today.
Currently, the company values its ETH position at approximately $9.04 billion.
Of this amount, 4,718,677 ETH, worth approximately $7.7 billion, is actively held through BitMine’s MAVAN institutional staking platform at a current 7-day yield of 2.99%, generating a projected annual revenue of $230 million.
On a full scale, betting rewards could reach $270 million annually, said Chairman Tom Lee.
The reasons for purchasing Lee are clear and straightforward. He said the price drop “does not reflect strengthening Ethereum fundamentals,” adding that the current environment represents the early stages of what he calls the “crypto spring.”
Lee also defended Ethereum’s long-term importance in the age of AI, arguing that as AI systems become more capable, demand for enhanced decentralized infrastructure will grow, and that Ethereum is positioned to benefit.
What Ethereum price charts and on-chain data say
Despite institutional buying, the technical picture for Ethereum price remains bearish.
On the daily chart, Ethereum is trading well below the 20, 50, and 100-day Exponential Moving Averages (EMAs), which are congregating between $1,874 and $2,178.
The 14-day RSI is around 27, and the Stochastic is at 26, both in oversold territory, although neither has confirmed a reversal.
The MACD indicator is reading -143.07, and lies below the signal line at -118.76, while the Aroon Oscillator is at -78.57, indicating that sellers still have the upper hand.
On-chain data reinforces the extent of the pressure this market is under.
Only about 11% of Ethereum’s supply currently sits at a triple markup, the lowest reading since February 2017.
Cryptocurrency analyst Ali Charts pointed out exactly this condition, posting on X that ETH trading below the 0.8 MVRV pricing range is a “high-probability long-term accumulation zone.”
He also identified a TD serial buy signal, which can indicate seller exhaustion, although it does not in itself confirm a trend reversal.
Ethereum $ Ethereum Below the 0.8 MVRV pricing range there is a long-term accumulation area with high probability.
Buy the drop! https://t.co/LNkygeXO5n pic.twitter.com/2GYDUzFnQi
– Ali Charts (@alicharts) June 8, 2026
Analyst Ash Crypto compared the current price action to the Ethereum crash in June 2022, when the price of Ethereum collapsed to $880 before bottoming out and recovering.
He noted that the current decline represents about 68% of the August 2025 peak near $4,953.
Ash believes that if Ethereum price remains at $1,500 on a weekly closing basis, a similar recovery pattern could follow.
However, he warned that a weekly candle close below $1,500 could expose the next major support area around $1,000.
$ Ethereum It has only done so once before in its entire history.
Back in June 2022, ETH broke through all the support levels and fell to $880. Everyone gave up on it. This turned out to be the exact bottom of the entire bear market.
Now we are in June 2026, same month, same collapse,… pic.twitter.com/v8IulXZuPl
— Ash Crypto (@AshCrypto) June 8, 2026
On the ETF side, the picture is mixed. US Ethereum ETFs saw net outflows of $540 million throughout May, followed by an additional $168 million in early June.
However, June 8 saw a reversal, with daily net inflows of $82.37 million recorded, bringing the total cumulative inflows to $11.28 billion, with total net assets reaching $9.36 billion.
Ethereum also recorded nearly $66.3 million in liquidations over the past 24 hours, with $33.8 million on the long side, reflecting ongoing volatility and the risk that any short-term bounce will remain fragile.
Ultimately, the seven-day trading range of $1,522 to $1,980 captures how wide volatility is, whether the $1,500 area is holding, and whether buying BitMine convictions represents a turning point.
