Ethereum Falls Below $2,700 as Institutional Demand Fails to Boost Price

Despite fresh signs of institutional demand for Ethereum, the cryptocurrency fell below $2,700 on Monday. BitMine Immersion Technologies, a company behind a large Ethereum treasury, continued to accumulate tokens and staked them in the process. According to Tom Lee, Chairman of BitMine, institutions remain underexposed to crypto and could increase their allocations in the final months of 2026.

BitMine purchased 17,362 ETH during the week, bringing its holdings to 6,001,302 ETH as of September 27. This represents about 4.9% of an estimated 122.1 million ETH supply, leaving it close to its stated goal of accumulating 5%. The company valued its position at roughly $16.2 billion using an ETH price of $2,698.

BitMine is also putting much of its treasury to work through staking, with approximately 84% of its total ether holdings staked. This resulted in a projected annualized staking revenue of $358 million at the current scale.