Ethereum: Can Bitmine’s $233 mln buy help ETH flip $2.5K?

Ethereum [$ETH] has traded within an ascending channel since it reclaimed $2k and has held above this level for 12 consecutive days. As of this writing, the altcoin traded at $2340, down 2.02% on the daily charts.

With the market stabilizing above $2k, institutional investors have increased capital deployment into the altcoin. Institutional demand is especially driven by U.S. investors, as the Coinbase Premium Index has remained elevated for two consecutive weeks.

This marks the longest run in 2026, matching the sustained demand levels recorded between October and November 2025.

Bitmine adds 100k $ETH for $233 million as institutions pile in

With institutions aggressively accumulating $ETH, Bitmine currently leads this race. According to Lookonchain, Bitmine bought another 100,000 $ETH worth $233.7 million.

The purchase was made using three wallets that received the tokens from BitGo. With the purchase, Bitmine’s total $ETH holdings reached 4.9 million $ETH, worth $11.5 billion, after accumulating over 315k $ETH in the last 30 days.

Despite continued accumulation during the recent period of weakness, Bitmine holdings are down 36%, with an unrealized loss of $6.3 billion.

Bitmine’s continued accumulation reflects the firm’s confidence and suggests it is less worried about short-term losses.

Besides Bitmine, Ethereum Spot ETFs have remained bullish for nearly two weeks. $ETH spot ETFs have recorded net inflows since the 9th of April, reflecting sustained demand for the asset.

At press time, Spot inflow sat at around $43 million. However, total net assets have declined from $14.2 billion to $13.6 billion.

Historically, sustained institutional demand has strengthened $ETH price action. For instance, in mid 2025, $ETH rallied from $2.5k to $3.7k amid sustained institutional demand.

Can the demand boost Ethereum?

Although $ETH retraced from $2.4k, the altcoin remains structurally bullish, largely sustained by institutional demand.

Looking at the altcoin’s Momentum Bias Index, the momentum indicator, although flattening, bulls have remained active in the market. The upside has slightly weakened, but bears have yet to retake the market.

The Relative Strength Index (RSI) further validated these market conditions. RSI declined to 54, while the signal line remained at 59.

At this level, it suggests that while sellers have returned strongly, buyers also remain active and continue to accumulate. Therefore, the next market direction depends on who overwhelms the other.

If institutional demand holds, $ETH is likely to recover from the slip, flip $2.4k, and target a jump towards $2570. However, if the current weakness persists, the altcoin could slide to $2250.

Final Summary

• Bitmine bought 100,000 $ETH worth $233 million, despite 36% unrealized losses.
• Ethereum remains structurally bullish, and institutional demand could boost prices towards $2.5k.