Bitmine made a significant move last week, acquiring 12,535 ETH, bringing its total ETHUSD spot holdings to 6,041,481 ETH, which represents about 4.9% of the total supply. The current value of these holdings is approximately $14.3 billion, based on an ETH price of around $2,365. Additionally, Bitmine has about 5.07 million ETH staked, reflecting its ongoing accumulation strategy.
Meanwhile, ETHUSD spot CFD ETFs experienced $320 million in outflows last week, with an additional $103 million in withdrawals on Monday. This institutional selling contrasts with Bitmine's reported buying spree, highlighting a divergence in market sentiment. Traders are closely watching these flows for further indications of institutional confidence in ETH.
On the technical front, ETHUSD is facing critical levels. A break below $2,279 could trigger up to $801 million in long liquidations, while a move above $2,517 might lead to $727 million in short liquidations on major centralized exchanges. Over the past 30 days, ETH has fallen about 8%, while BTC has risen 1.5%. Implied volatility for ETH options has climbed by about 10 percentage points, signaling higher perceived risk compared to BTC.
Key support for ETHUSD is seen at $2,350. Holding above this level could confirm a bounce and set targets near $2,700, $3,000. Failure to maintain this level risks a slide toward $2,000. Additionally, 5,067,309 ETH, worth around $12 billion, are staked via a MAVAN-led program, with potential annual staking rewards of $369 million for spot CFD traders.
German Sparkassen banks are now offering in-app ETHUSD spot CFD trading through Dekabank and Boerse Stuttgart custody, with fees set at €0.99 per order. The rollout is expected to expand to 30-40 banks monthly, though users are warned about volatility and potential losses. MAVAN is also funding ETH staking for institutional clients, with Bitmine forecasting strong staking revenue amid U.S. regulatory and economic shifts.
The Glamsterdam testnet upgrade for ETHUSD was activated on Sepolia on October 6, with the Hoodi upgrade scheduled for October 26. This upgrade includes changes such as ePBS and gas accounting for state creation and access, with a gas limit raised to 200 million.