Ethereum is dumping, slipping below the psychologically critical $2,000 level for the first time since March. But, it’s not all doom for Ethereum, its price prediction could be flipping soon. While Strategy sold Bitcoin for the first time since 2022, ETH-focused treasury firm BitMine went the other direction. Hard.
BitMine Immersion Technologies, chaired by Fundstrat’s Tom Lee, added another 26,497 ETH, or $52 million, to its treasury last week. That follows its largest single purchase of 2026: nearly 112,000 ETH the week prior.
Bitmine Adds 26,497 ETH, Holdings Reach 5.42 Million ETH
Bitmine (NYSE: BMNR) announced it acquired 26,497 ETH over the past week, bringing total holdings to 5.42 million ETH, equivalent to 4.49% of Ethereum’s circulating supply. The company said total crypto, cash and other… pic.twitter.com/UtWbxtEu9c— Wu Blockchain (@WuBlockchain) June 1, 2026
BitMine now holds 5,416,901 ETH, representing 4.48% of the circulating supply, and is backed by a $10.6 billion ETH treasury and $446 million in cash. Although it’s getting closer to their 5% supply target.
“ETH prices are not reflecting the strengthening of Ethereum fundamentals,” Lee said in a statement, adding that “we are in the early stages of crypto spring.”
Between Strategy’s BTC exit and BitMine’s ETH accumulation, a question arises about institutional conviction, and if ETH’s current weakness is a dislocation or a warning.
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Ethereum Price Prediction: $2,500 This Q2?
Ethereum has dropped nearly 15% over the past month and sits more than 60% below its all-time high set in August. The breach of $2,000 is technically significant as that level had acted as near-term support since late March.
Ethereum (ETH)24h7d30d1yAll time
Analyst described ETH’s structure as “quite bearish,” flagging a potential downside target near $1,530 if selling pressure continues. On the flip side, a separate market note pegged $2,500 as the pivotal resistance to watch, with ETH potentially trading between $2,300–$2,500 heading into the next upgrade window.
Standard Chartered maintains a $7,500 target for ETH, while Tom Lee’s public range sits at $7,000–$9,000, with a longer-term $20,000 case cited in institutional commentary.
If ETH can reclaim $2,000 soon and clear the $2,500 resistance, it would flip the script. Institutional accumulation from BitMine-style players compresses supply.
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Bitcoin Hyper Eyes Infrastructure Play as ETH Trades at Cyclical Discount
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