BitMine Buys $93 Million in ETH, but Ethereum Slides as Holders Resume Selling

Ethereum's price failed to sustain a breakout above $2,100, leading to a consolidation phase and a shift in short-term momentum lower. During this period, BitMine announced a significant purchase of 51,162 ETH, valued at over $93 million, marking one of the larger institutional buys recently. However, this acquisition did not generate sustained upward price movement; instead, on-chain data suggests that long-term holders resumed distribution, using the news as liquidity to reduce exposure. This highlights that Ethereum's price is currently more sensitive to broader market conditions than individual corporate acquisitions. Analysis of HODL waves shows that while short-term holders are maturing into mid-term holders, caution among investors is limiting fresh buying activity. Technically, ETH is trading around $1,824 after losing the $1,928 support, with the Parabolic SAR signaling a short-term downtrend. The next major support level is $1,750; a break below this could lead to a drop toward $1,595, especially if weak macro conditions persist.

(Source：BeInCrypto)