BitMine buys 127,000 ETH, closing in on a 5% supply goal as ether hovers near $1,500

CoinDesk reports that BitMine continued to add to its Ethereum position last week, lifting weekly purchases to 126,971 ETH, sharply higher than the prior week. Total holdings now stand at 5,543,872 ETH, or about 4.59% of Ethereum's total supply. The accumulation comes as ether remains under pressure. ETH slid to $1,522 last week, then rebounded to the $1,670–$1,712 range early this week, while the broader trend remains weak. Over the past seven days, ETH is down 15.3%; over 30 days, it has fallen 28.1%. From its all-time high of $4,946 in August 2025, the cumulative drawdown is roughly 66%. BitMine said the latest 126,971 ETH purchase marks its largest single-week increase since 2026. The previous week, it bought 26,497 ETH. The company has stated a goal of holding 5% of Ethereum's total supply by the end of 2026; at 4.59%, it has completed about 92% of that target. Based on the figures provided, BitMine's ETH position is valued at about $9.04 billion. Roughly 4,718,677 ETH are staked via its institutional staking platform, MAVAN. Using a current seven-day yield of 2.99%, estimated annualized staking income is about $230 million. Chairman Tom Lee said that if the scale continues to expand, annualized staking income could reach $270 million. Technical and on-chain signals remain soft. ETH is still trading below the 20-day, 50-day and 100-day exponential moving averages, clustered between $1,874 and $2,178. The 14-day RSI is near 27 and the stochastic indicator around 26, both in oversold territory, though oversold readings alone do not confirm a reversal. On-chain data also points to stress: only about 11% of Ethereum's supply is in a triple-profit state, the lowest since February 2017. Some analysts view this as a sign ETH has entered a long-term undervaluation range, though the report notes such calls remain largely subjective. Flows in U.S. spot ether ETFs have been mixed. Net outflows totaled $540 million in May and another $168 million in early June. On June 8, the group swung to a net inflow of $82.37 million, lifting cumulative net inflows to $11.28 billion, with total net assets of about $9.36 billion. Derivatives markets continue to signal elevated fragility. Over the past 24 hours, total Ethereum liquidations were about $66.3 million, with longs accounting for roughly $33.8 million. Market analysis cited in the report suggests that if Ethereum's weekly candlestick holds above $1,500, the recovery could extend. A break below that level could shift the next key support zone toward $1,000. BitMine's large-scale buying has drawn attention, but a sustained trend change will still hinge on future flows and price action.