Ethereum Price Plummets as Institutional Behavior Diverges
Ethereum's price has dropped to $2,475 after losing key support at $2,500. This comes as institutional behavior diverges in a way that's hard to ignore.
BitMine Immersion Technologies acquired 27,180 ETH last week, bringing its total holdings to 5.95 million ETH, which is roughly 4.9% of the entire 122 million circulating supply. The firm is staking 5.067 million of those tokens through its Made in America Validator Network, projecting $334M in annualized yield.
Canavan went the other direction entirely, dumping its full 3,952 ETH position at an average of $2,400 to fund a $13.9M share buyback. This is just one example of how institutional investors are making moves in the Ethereum market.
The spot ETFs pulled in $197.1M in net inflows last week, while Bitcoin ETFs bled $462.7M. The divergence creates interesting tension in the technical picture below.