Ethereum Rally Stalls as Bitmine’s ETH Holdings Fail to Counter ETF Withdrawals

Ethereum recovered by 2.5% in 24 hours, pushing its price to just below $2,450, but the asset continued to trade beneath $2,500 as U.S. spot ETH ETFs suffered nearly $389 million in combined net outflows over five trading sessions. Despite the daily rebound, ETH remains down 2.0% over the past week, 6.0% over two weeks and 8.9% over the last 30 days.

At the corporate level, Bitmine Immersion Technologies continued adding to its Ethereum reserves, purchasing 12,535 ETH during the previous week. The company’s holdings have grown to approximately 6.04 million ETH, highlighting the divergence between corporate buying and withdrawals from regulated investment products.

Ethereum markets are also seeing considerable activity, with 24-hour trading volume reaching $13 billion and perpetual futures open interest totaling $44.6 billion. While these figures indicate significant market participation, open interest by itself does not reveal whether traders are betting on higher or lower prices.

The $2,500 mark remains a major hurdle for ETH. Breaking above this level and maintaining the advance could strengthen expectations of a sustained recovery, particularly if spot demand improves. Failure to clear the resistance, however, could lead to another wave of selling.

On the downside, $2,380 remains an important short-term level to monitor because it is close to the reported 24-hour low. A decisive drop below this zone could weaken the recovery and expose Ethereum to additional losses.

Bitmine Adds 12,535 ETH as Holdings Near 5% of Supply

Bitmine disclosed that its Ethereum treasury reached approximately 6.04 million ETH as of October 18, following another purchase of 12,535 tokens during the preceding week, according to its latest press release.

The company estimated the value of its Ethereum holdings at $14.3 billion, based on a reported price of $2,365 per token. Its reserves now account for approximately 4.9% of Ethereum’s circulating supply, bringing the company close to its stated objective of holding 5%.

Bitmine further reported that more than 5.06 million ETH had been staked through its MAVAN platform and staking partners. This represents approximately 84% of its reported Ethereum holdings.

The latest purchase highlights Bitmine’s continued commitment to accumulating ETH despite weakness in the broader market. However, its buying activity has not fully offset the selling pressure associated with ETF outflows.

Ethereum Price Outlook: Is a Break Above $2,500 Possible?

Ethereum’s near-term direction will depend on whether the recent rebound can extend beyond $2,470 and produce a sustained move above $2,500. A convincing breakout could put higher resistance levels into focus, particularly if stronger spot-market demand and improving ETF flows support the move.

Such a development would indicate that buyers are regaining control after the recent decline. Nevertheless, ETH’s broader performance remains weak, with the cryptocurrency still posting losses across the weekly, two-week and monthly periods.

If Ethereum fails to overcome $2,500 and subsequently falls below $2,380, traders could turn their attention to the $2,300 level. Continued ETF withdrawals may create additional headwinds, although fund flows alone cannot determine the direction of future price movements.

For now, Ethereum is attempting to recover but has yet to secure a decisive break above $2,500. Sustained buying pressure could strengthen the bullish outlook, while another rejection at resistance followed by a move below $2,380 could put the recovery in jeopardy.