Ethereum faces price pressure as Bitmine scales back large ETH purchases amid broader crypto market gains

Bitmine, the leading institutional buyer of Ethereum, has accumulated more than 5.5 million ETH, representing about 4.6 % of the circulating supply. Recent activity includes a purchase of 25 000 ETH from BitGo, part of a three‑day buying spree that added roughly 125 000 ETH (around $206 million) and lifted the ETH price by about 3 %. Analyst Tom Lee warned that the aggressive accumulation may soon end, which could remove a key support level and put downward pressure on Ethereum’s price.

At the same time, the wider cryptocurrency market remains stable. Bitcoin traded near $63,770 and Ethereum around $1,672. Record staking levels have tied up about 36 million ETH—roughly 30 % of the total supply—potentially tightening on‑exchange availability. Analysts see resistance near $1,700 with longer‑term targets around $3,450. Political uncertainty persists as the U.S. White House blocks the CLARITY Act, which would classify XRP and other tokens as commodities, adding regulatory risk for the sector.

Overall, Bitmine’s potential pullback could be a pivotal factor for Ethereum’s near‑term price trajectory, set against a backdrop of overall market steadiness and heightened regulatory scrutiny.