BitMine tripled its weekly ETH buy to 126,971 tokens, now holding 4.59% of supply.
Only 11% of ETH supply is in threefold profit, the lowest reading since Feb 2017.
A weekly close below $1,500 could push ETH toward the $1,000 support zone.
The Ethereum price dropped to a low of $1,522 last week before bouncing back within the $1,670–$1,712 range at the beginning of this week.
While the recovery is modest, the ETH price is still down 15.3% over the past seven days and 28.1% over the past 30 days. From its all-time high of $4,946 set in August 2025, the token has now shed roughly 66% of its value.
Yet while most retail traders were heading for the exit, BitMine Immersion made a huge purchase.
BitMine makes its biggest ETH buy of 2026
According to the circulated press release, BitMine (NYSE: BMNR) acquired 126,971 ETH last week, tripling its previous week’s purchase of 26,497 ETH.
That brings the company’s total holdings to 5,543,872 ETH, approximately 4.59% of Ethereum’s total supply.
BitMine has stated it intends to reach 5% ownership before the end of 2026, meaning it sits at 92% of that target today.
Currently, the company values its ETH position at roughly $9.04 billion.
Of that, 4,718,677 ETH, worth about $7.7 billion, is actively staked through BitMine’s MAVAN institutional staking platform at a current 7-day yield of 2.99%, generating a projected $230 million in annualized staking revenue.
Chairman Tom Lee has said that at full scale, staking rewards could reach $270 million annually.
Lee’s reasoning for the buy is straightforward. He said the price decline “does not reflect the strengthening of Ethereum’s fundamentals,” adding that the current environment represents the early stages of what he calls a “crypto spring.”
Lee also made a case for Ethereum’s longer-term relevance in the age of AI, arguing that as AI systems become more capable, demand for hardened, decentralized infrastructure will grow, and that Ethereum is positioned to benefit.
What the Ethereum price charts and on-chain data are saying
Despite the institutional buying, the technical picture for the Ethereum price remains bearish.
On the daily chart, ETH is trading well below its 20, 50, and 100-day exponential moving averages (EMAs), which are clustered between $1,874 and $2,178.
The 14-day RSI sits around 27, and the Stochastic oscillator is at 26, both in oversold territory, though neither has confirmed a reversal.
The MACD reads -143.07, sitting below its signal line of -118.76, while the Aroon Oscillator is at -78.57, indicating sellers still have the upper hand.
The on-chain data reinforces just how stressed this market is.
Only about 11% of Ethereum’s supply currently sits at a threefold profit margin, the lowest reading since February 2017.
Crypto analyst Ali Charts flagged this exact condition, posting on X that ETH trading below the 0.8 MVRV pricing band is a “high-probability long-term accumulation zone.”
He also identified a TD Sequential buy signal, which can suggest seller exhaustion, though it does not by itself confirm a trend reversal.
Ethereum $ETH below the 0.8 MVRV Pricing Band is a high-probability long-term accumulation zone.
Buy the dip! https://t.co/LNkygeXO5n pic.twitter.com/2GYDUzFnQi
— Ali Charts (@alicharts) June 8, 2026
Analyst Ash Crypto drew a parallel between the current price action and Ethereum’s June 2022 breakdown, when the Ethereum price collapsed to $880 before bottoming out and recovering.
He noted the current decline represents approximately 68% from the August 2025 peak near $4,953.
Ash’s view is that if the ETH price holds the $1,500 level on a weekly closing basis, a similar recovery pattern could follow.
However, he cautioned that a weekly candle closing below $1,500 could expose the next major support zone around $1,000.
$ETH has only done this once before in its entire history.
Back in June 2022, ETH broke through every support level and crashed to $880. Everyone gave up on it. That turned out to be the exact bottom of the whole bear market.
Now it’s June 2026, the same month, same breakdown,… pic.twitter.com/v8IulXZuPl
— Ash Crypto (@AshCrypto) June 8, 2026
On the ETF side, the picture is mixed. The US spot Ethereum ETFs saw $540 million in net outflows throughout May, followed by an additional $168 million in early June.
That said, June 8 marked a reversal, with $82.37 million in daily net inflows recorded, bringing total cumulative inflows to $11.28 billion with aggregate net assets standing at $9.36 billion.
Ethereum has also recorded roughly $66.3 million in liquidations over the past 24 hours, with $33.8 million on the long side, reflecting ongoing volatility and the risk that any short-term bounce remains fragile.
Ultimately, the seven-day trading range of $1,522–$1,980 captures just how wide the swings have been and whether the $1,500 zone holds, and whether BitMine’s conviction buy marks a turning point remains to be seen.
