Key Highlights
- BitMine executed a 6.1 million share buyback last week, totaling 11.6 million shares repurchased in July
- The firm acquired 9,946 ETH, elevating its total reserves to 5.787 million ETH ā approximately 4.8% of available supply
- Company Chairman Thomas Lee highlighted the ETH/BTC ratio reaching a 3-month peak at 0.300
- ETH currently trades near $1,950, approaching a 10-week high, facing critical resistance levels at $2,000 and $2,500
- Spot Ethereum ETFs in the US recorded $103.9 million in net inflows during the previous week, extending the inflow streak to three consecutive weeks
BitMine Immersion Technologies (BMNR) significantly expanded its Ethereum reserves last week, acquiring close to 10,000 ETH while simultaneously accelerating its stock repurchase initiative to unprecedented levels.
The Nevada-headquartered firm acquired 9,946 ETH, increasing its aggregate position to 5.787 million ETH. Concurrently, the company repurchased 6.1 million shares during the same period, adding to the previous week’s 5.5 million share buyback. July’s cumulative share repurchases have reached 11.6 million under a $4 billion authorized program.
BitMine’s Chairman, Thomas Lee, described the initiative as the most substantial common stock repurchase ever conducted by any digital asset treasury company focused on ETH or Bitcoin.
Market analyst Ted Pillows observed on X that consistent spot demand for $ETH has persisted throughout the month, noting that “dips are getting bought and support zones are being defended.” He characterized this price behavior as an encouraging indicator for ETH’s immediate trajectory.
ETH Demonstrates Strength Against Bitcoin
ETH advanced approximately 2.4% during the last seven days while Bitcoin declined around 0.7%, based on CoinGecko metrics. The ETH/BTC ratio climbed to a 3-month high of 0.300, which Lee identified as evidence of growing bullish momentum.
Lee emphasized that ETH valuations have reached a 10-week peak and highlighted $2,000 and $2,500 as crucial resistance thresholds ahead.
Approximately 4.917 million ETH from BitMine’s portfolio ā roughly 85% ā is currently staked via its Made in America Validator Network (MAVAN). The organization anticipates annualized staking returns of approximately $299 million upon full deployment of all assets.
As of July 26, BitMine’s combined crypto reserves, cash positions, and marketable securities totaled $11.8 billion. The company additionally maintains a $180 million position in Beast Industries, $61 million worth of Eightco Holdings shares, and 208 Bitcoin.
Ethereum ETFs Record Third Consecutive Week of Positive Flows
United States spot Ethereum ETFs registered $103.9 million in net inflows during the preceding week, per SoSoValue analytics. Aggregate net assets for these investment vehicles have now surpassed $10 billion, representing a third consecutive week of positive capital flows.
From a technical perspective, ETH rebounded from the 20- and 50-day EMAs positioned at $1,862 and $1,842 during the weekend before challenging the 100-day EMA at $1,937. The 14-day RSI currently hovers near 63, while the Stochastic Oscillator registers approximately 85.
ETH encounters immediate resistance around $1,950. A sustained daily close beyond $2,018 and $2,107 could establish a trajectory toward $2,211 with additional targets at $2,388 and $2,746. Initial support is located at $1,909.
The ETH/USDT trading pair experienced $142 million in liquidations during the past 24 hours, predominantly fueled by $104.2 million in short position liquidations, according to Coinglass tracking data.
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