Ethereum: crypto reserves on exchanges collapse to a multi-year low. Will the shortage trigger a price explosion?
Ethereum price hovered around $2,500 on Sep. 9 as buyers defended short-term support, but weakening momentum and negative capital flows kept a breakout above $2,535 out of reach.
Ethereum trades near $2,486 in a tight range, with rising volume and open interest, as traders watch $2,530 resistance and $2,370 support.
Ethereum currently sits around the $2,492 mark following a recovery from an intraday bottom at $2,442.98. Throughout the last trading session, the asset fluctuated within a range spanning $2,442.98 to $2,505.13.
After acquiring 28,086 ETH in one week, BitMine's Ethereum treasury reaches 5.93 million Ether. The company confirms having achieved 97% of its goal to own 5% of the total supply, but this ratio relies on its own count of 122 million ETH.
Abraxas Capital bought13,000 ETH worth $32.39 million to hedge its $353.27 million shorts.
Ethereum's stablecoin-driven fee model could reshape ETH demand and fuel its next DeFi cycle.
The ERC-7730 standard was made as a solution to a challenge that has been plaguing crypto transactions for a very long time, and over time its adoption as a standard has been gaining traction.
BitMine Immersion Technologies has purchased 28,086 ETH worth about $70.1 million, raising its Ethereum treasury to 5.93 million tokens as Chairman Tom Lee predicts further gains for the asset. BitMine's Ethereum treasury has reached 5.
Bitmine Immersion Technologies announced that its ETH holdings reached 5.93 million tokens, equivalent to 4.9% of the total circulating supply of ETH, valued at $2,495 per unit according to Coinbase data. The combined total of crypto assets, cash, marketable securities, and strategic holdings —referred to as “moonshots“— amounts to $15.
Bitmine now controls about 5.93 million ETH, worth about $14.8 billion, putting it within touching distance of its 5% ethereum supply goal. With most of that position staked, the company is turning its balance sheet into one of the biggest single bets on ethereum anywhere in public markets.
Bitmine's 5.93 million ETH treasury and expanding staking income strengthen BMNR's bullish outlook as its total holdings climb to $15.7 billion in 2026.