Ethereum has been strengthening for nearly a month, with its price reaching a 55-day high. Market attention has shifted beyond the price itself to institutional holdings and ETF fund flows. BitMine, chaired by Tom Lee, continued to increase its ETH holdings last week, further expanding its total holdings.
BitMine holdings rose to 5.787 million.
BitMine bought 9,946 ETH in the latest week, bringing its total holdings to 5,787,414 ETH. According to reports, this represents approximately 4.8% of the circulating supply of Ethereum, making it one of the larger institutional holdings in the market.
The company also stakes the majority of its ETH. The staked amount is 4,917,189 ETH, representing approximately 85% of its total holdings. The report also states that BitMine holds a total of $11.8 billion in crypto assets, cash, tradable securities, and other investments.
- New holdings: 9,946 ETH
- Total holdings: 5,787,414 ETH
- Staking amount: 4,917,189 ETH
Ethereum ETFs have seen stronger inflows than Bitcoin.
Institutional demand is not limited to increased holdings by individual companies. Last week, the US spot Ethereum ETF recorded a net inflow of approximately $104 million, marking the third consecutive week of net inflows.
In contrast, Bitcoin spot ETFs saw net inflows of approximately $33 million during the same period. This difference in fund flows suggests a recent increase in market appetite for ETH.
The ETH/BTC ratio continues to rise.
In addition to the appreciation in US dollar terms, Ethereum's performance relative to Bitcoin is also improving. Over the past 24 hours, ETH has risen approximately 4.26%, while Bitcoin has risen approximately 1.13% during the same period. The ETH/BTC ratio has risen towards 0.030, indicating that Ethereum has recently outperformed Bitcoin.
Ethereum's on-chain activity is also close to that of Bitcoin. Token Terminal data shows that Ethereum has approximately 395,300 daily active users, while Bitcoin has approximately 418,300, a difference of about 23,000, reflecting that Ethereum network usage remains at a high level.
The market is focused on whether it can break through the June high.
The report mentions that ETH is currently trading near $1,980, and the market is watching to see if it can break through the $2,156 level. This level corresponds to the June high and is a price range that is attracting significant short-term attention.
Meanwhile, there are approximately $3.6 million in sell orders around the $1,975 to $2,000 level, which may pose some resistance to the upward momentum. If the price continues to break through, market attention will shift to higher ranges; if it encounters resistance at higher levels, price volatility may increase again.
