Ethereum profit metric hits 2017 low, can ETH avoid another leg down?

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BitMine Immersion Technologies acquired 126,971 ETH for approximately $207 million last week at an average of $1,630 per token, its largest weekly purchase of 2026, lifting its total treasury to 5.54 million ETH, equal to 4.59% of Ethereum's circulating supply.

Leading Ethereum treasury firm BitMine Immersion Technologies bought the dip, making its largest weekly ETH purchase so far this year.

Ethereum’s crash below $1,500 over the weekend has pushed sentiment into one of its most fearful phases since the previous bear market, but crypto analyst Crypto Patel believes the current selloff should be viewed through a longer lens. The analyst’s roadmap places ETH inside a broad accumulation range, with the chart showing that the same movement as previous Ethereum tops and bottoms is still playing out, and Ethereum might be declining into an accumulation zone. Ethereum Enters Panic Zone As Price Revisits $1,500 Ethereum’s weekend drop has brought ETH close to $1,500, extending a painful correction that has already erased a large part of the gains since its August 2025 ATH. Recent market data from TradingView shows ETH briefly touched $1,505 on Saturday, June 6, during a crypto market-wide selloff, a move that has increased panic among traders, as evidenced by various posts on social media platforms. Related Reading: Institutions Are Loading Up On XRP, But Liquidity Tells A Differe

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Bitmine currently holds 5.54 million ETH worth billions, equal to 4.59% of the supply, despite ongoing crypto market weakness.

Ethereum has staged a notable recovery after suffering a steep decline toward the $1.5K region. While the rebound has improved short-term sentiment, the broader structure remains bearish across higher timeframes, with ETH still trading below major moving averages and a long-term descending trendline. The coming sessions will likely determine whether this move evolves into a […]

Bitmine Immersion Technologies now controls 4.59% of the entire ethereum supply after accumulating 5.54 million ETH valued at approximately $9.04 billion at current prices. Holdings Overview The Norwalk, Connecticut-based company disclosed total crypto, cash, and “moonshot” holdings of $9.6 billion as of June 7, 2026. The breakdown includes 5,543,872 ETH at $1,630 per token, 204 […]