Ethereum Price Stagnant Despite BitMine's Massive Holdings

Ethereum's price has been trading at $1,852.60, down 0.33% in the last 24 hours, despite one of its largest institutional holders increasing their holdings.

BitMine Immersion Technologies (BMNR) disclosed that it acquired 10,399 ETH, lifting total holdings to 5.797 million ETH, which equals 4.8% of ETH's entire circulating supply.

The firm's Chairman Thomas Lee noted that ETH outperformed the Nasdaq 100 by 2,500 basis points in July, calling it 'the largest outperformance since July 2025.'

With ETH pressing against near-term resistance and macro sentiment still cautious, the technical picture demands a closer look.