Ethereum Price Bounces Back to $2,540 as BitMine Continues Accumulation

Ethereum's price has bounced back to $2,540 as digital asset firm BitMine continues to accumulate the cryptocurrency. In contrast, mining chip manufacturer Canaan sold off its entire Ethereum holdings of 3,952 ETH for $13.9 million.

BitMine's stash now stands at 5.95 million ETH, accounting for approximately 4.9% of the 122 million ETH circulating supply. The company is also contributing to Ethereum's security and generating yield through its Made in America Validator Network (MAVAN), with projected annualized staking revenue of $334 million.

Meanwhile, US spot Ethereum exchange-traded funds (ETFs) saw $197.1 million in net inflows last week, outperforming their Bitcoin ETF counterparts, which recorded $462.7 million in net outflows, according to SoSoValue data. Bitfinex analysts attribute the Ethereum ETF's success to a 'cash and carry' strategy rather than pure directional bets.

Ethereum has seen $45.3 million in liquidations over the past 24 hours, led by $22.7 million in long liquidations. The cryptocurrency is retesting its $2,544 resistance after posting a golden cross signal on the daily chart.