Ethereum slips near $1,600 as BitMine buys 75,000 ETH
Ethereum price eased toward the $1,600 area even as reports said Tom Lee-backed BitMine bought another 75,000 ETH (about $123m). Traders appear to be de-risking ahead of key U.S. inflation data.
BitMine’s latest transfers were identified by Lookonchain as roughly 75,000 ETH moving from Kraken and FalconX-linked wallets into BitMine-associated addresses. If confirmed as a purchase, BitMine holdings could rise to about 5.62 million ETH (around 4.66% of circulating supply), moving closer to its stated 5% supply target.
However, Ethereum ETF flows remain a drag. SoSoValue data showed U.S. spot Ethereum ETFs logged net outflows of $540.9m in May and $131.5m so far in June, with total ETF assets falling to $9.13b from earlier in the year.
Derivatives positioning also looks defensive. Ethereum open interest has dropped from recent highs, and CoinGlass liquidation heatmaps show leverage clusters that could amplify volatility: large liquidity sits between $1,700–$1,760 and near $1,800. On the downside, key liquidity magnets are around $1,550 and $1,500.
Technicals lean bearish. Weekly RSI is near ~30 (oversold), while MACD remains below its signal line. Analysts flag $1,550 as the next must-hold support; a breakdown could expose $1,400, while reclaiming $1,700 may test overhead liquidation zones.
Overall, Ethereum is balancing a bullish corporate accumulation signal from BitMine against weak ETF demand and bearish momentum.
Neutral
This is a balancing act for Ethereum. The reported BitMine purchase (75,000 ETH) is a constructive, long-term accumulation signal, and improving corporate positioning often supports dips over time. However, the immediate trading backdrop is still risk-off: spot Ethereum ETF outflows are substantial, and momentum/structure indicators remain bearish.
In similar past periods, such as when large holders added ETH while ETF flows weakened, price action often stayed range-bound first, then broke according to liquidity and derivatives positioning around major levels. Here, CoinGlass heatmaps and falling open interest suggest volatility can increase abruptly if Ethereum loses $1,550 or, on the upside, if it reclaims $1,700 and triggers liquidation cascades.
So short-term bias leans cautious-to-bearish around support/resistance, while long-term sentiment has a mild positive offset from BitMine’s accumulation. Net impact: neutral, with traders likely to focus on $1,550/$1,500 supports and $1,700/$1,800 liquidation zones into the macro data window.