Key Highlights

• U.S. spot Bitcoin ETFs registered $1.72 billion in net redemptions during the week concluding June 5
• This marks the fourth consecutive week of outflows, representing over a month of sustained billion-dollar withdrawals
• BlackRock’s IBIT dominated the exodus with $1.34 billion in redemptions, with Fidelity and Grayscale following behind
• Market observer Ted Pillows anticipates a potential decline to $50,000 before an eventual surge past $100,000
• Bitcoin price recovered toward $64,000 following President Trump’s announcement of an Israel-Iran ceasefire agreement

U.S. spot Bitcoin exchange-traded funds have extended their redemption pattern into a fourth consecutive week, recording $1.72 billion in net withdrawals for the period ending June 5, based on figures from SoSoValue.

This withdrawal pattern began during the week concluding May 15. Every subsequent week has witnessed more than $1 billion departing these investment vehicles.

The most intense selling pressure materialized during June’s opening three trading sessions. Funds experienced losses of $483.8 million, $519.1 million, and $396.6 million across those consecutive days. Thursday provided a momentary respite with $3.2 million in inflows before Friday delivered another $325.7 million in withdrawals.

BlackRock’s iShares Bitcoin Trust ETF (IBIT) dominated the redemption activity, representing $1.34 billion of the week’s aggregate outflows. Fidelity’s Wise Origin Bitcoin Fund (FBTC) experienced $201.9 million in withdrawals, while Grayscale’s Bitcoin Trust ETF (GBTC) recorded $144.3 million in exits.

Matthew Pinnock, Chief Operating Officer at Altura DeFi, characterized the selling wave as a “macro-driven repricing of risk” unrelated to Bitcoin-specific fundamentals. He explained that IBIT experiences the highest outflows due to its substantial size and liquidity profile, noting that institutional investors gravitate toward the most liquid instruments when reducing risk exposure.

“The timing of these redemptions aligns closely with stronger-than-expected US employment data, rising Treasury yields, and a sharp reduction in rate cut expectations,” Pinnock stated. He emphasized that Bitcoin’s recent price weakness stems from shifting rate expectations and evolving institutional risk appetite.

Ethereum ETFs Mirror Withdrawal Trend

Spot Ethereum ETFs exhibited comparable patterns, documenting $173.05 million in redemptions for the week ending June 5, continuing their own four-week outflow sequence. Ether ETFs have collectively shed approximately $885.6 million throughout this four-week period.

However, not every cryptocurrency ETF product experienced redemptions. HYPE ETFs attracted $16.65 million during the week. XRP ETFs recorded modest inflows of $2.62 million. Solana ETFs registered $6.52 million in outflows.

Cryptocurrency analyst Ted (@TedPillows) observed on X that Bitcoin has formed two lower highs in this market cycle, contrasted with three in the preceding cycle. He cautioned that a third lower high might emerge in Q3, potentially followed by a correction to $50,000. His projection then anticipates a rally exceeding $100,000 following that trough.

Bitcoin Price Rallies Approaching $64K

On June 8, Bitcoin advanced back toward $64,000 after President Trump announced via Truth Social that Israel and Iran were pursuing an “immediate ceasefire.” BTC touched $63,715, representing a 3.25% daily gain.

The cryptocurrency had declined earlier following Iran’s retaliatory military strikes targeting Israeli military installations, which came after Israeli operations against Hezbollah-affiliated sites in Beirut. Iranian authorities subsequently announced their joint military command had suspended offensive operations.

Trump clarified that a blockade would persist until a comprehensive agreement is finalized, though he indicated diplomatic negotiations were already progressing.

Bitcoin traded at $63,715 according to the most recent available information, rebounding from geopolitical-induced declines earlier in the trading session.

Sui has opened public testing for a new privacy system that hides token balances and transfer amounts while preserving access for auditors and compliance teams, introducing a model that differs sharply from traditional privacy-focused cryptocurrencies.

According to an announcement published on June 8, confidential transfers are now available in public beta on Sui’s Devnet, with a Testnet release planned later this year. The feature encrypts transaction values and wallet balances onchain but leaves sender addresses, receiver addresses, token types, and transaction timestamps visible.

The rollout arrives as blockchain developers continue searching for ways to offer transaction privacy without removing the transparency requirements relied upon by regulators, exchanges, and institutional users.

Sui keeps transaction data private while preserving oversight

Under Sui’s design, token issuers can activate a confidential mode that conceals balances and transfer amounts from public view. The network uses Twisted ElGamal cryptography on Ristretto255 together with zero-knowledge proofs to verify transactions without exposing the underlying values.

Mysten Labs, the company behind Sui, said the system allows the network to confirm that transfers remain valid while preventing overdrafts and unauthorized token creation. The company has also released the code as open source on GitHub, although it noted that the implementation remains unaudited and should be treated as a work in progress.

Additional controls distinguish the feature from privacy coins that attempt to hide every aspect of a transaction. Authorized entities can be granted auditor keys that allow them to decrypt balances when required, while issuers retain the ability to freeze or seize assets under specific circumstances.

Users are also able to prove ownership of balances or verify transaction amounts without revealing private keys, according to Mysten Labs.

Institutions test the model as Sui seeks adoption

The structure contrasts with Monero, which conceals transaction senders, recipients, and amounts through a combination of ring signatures, stealth addresses, and Ring Confidential Transactions. Because outside parties cannot access that information, Monero has faced repeated exchange delistings linked to compliance concerns.

Rather than removing visibility entirely, Sui’s approach is being tested by firms that need privacy around financial activity while remaining capable of meeting regulatory obligations. Bridge is evaluating the technology for stablecoin and payment use cases, while TRM Labs and Merkle Science are examining how transaction monitoring, investigations, and risk assessment tools function within the encrypted framework.

Payment companies, treasury departments, and stablecoin issuers often avoid exposing transaction sizes and wallet balances because those details can reveal commercial relationships, hedging activity, or operational strategies. Sui’s confidential transfers are designed to address those concerns without eliminating audit capabilities.

The launch comes during a difficult period for the network. Sui experienced three mainnet outages in late May, raising questions about operational reliability as the blockchain pursues more institutional users.

SUI rally meets resistance below key moving averages

Market participants responded positively to the privacy rollout. SUI (SUI) rose nearly 5% on June 9 following the announcement and traded around $0.76 at the time of writing.

Despite the rebound, the technical picture remains mixed. On the daily chart, SUI continues to trade below its 20-day and 50-day moving averages near $0.91 and $0.98, indicating that sellers still control the broader trend after the token’s decline from the May peak near $1.40.

The bearish moving-average structure remains intact, while the MACD indicator continues to sit below the zero line despite showing signs that downside momentum is beginning to ease.

Shorter-term charts show a more constructive setup. On the 4-hour timeframe, SUI has rebounded from support around $0.68-$0.70 and is attempting to break above the upper boundary of a descending channel that has guided price action lower for nearly a month. A bullish MACD crossover has emerged on the same timeframe, suggesting buying pressure has strengthened since last week’s market-wide selloff.

The area around $0.80 remains the first major test for bulls because it aligns with both the channel resistance and the Supertrend indicator. A successful breakout could expose the 20-day moving average near $0.91, followed by the 50-day moving average and psychological resistance around $1.00.

On the downside, failure to clear overhead resistance could leave SUI trapped within the broader bearish structure. In that scenario, traders may look toward support near $0.70, with the recent swing low around $0.68 serving as the next key level to watch.

More than 200 crypto companies and industry organizations have urged the U.S. Senate to bring the CLARITY Act to a floor vote as concerns over the bill’s shrinking legislative window have intensified.

According to crypto advocacy group Stand With Crypto, a coalition of industry participants sent a letter to Senate Majority Leader John Thune and Senate Democratic Leader Chuck Schumer on June 9, calling on lawmakers to move the crypto market structure bill forward without further delay.

The letter stated that the Senate Banking Committee’s approval of the legislation followed months of bipartisan negotiations and argued that senators should now have the opportunity to debate and advance the proposal. Signatories included Stand With Crypto, the Blockchain Association, the Crypto Council for Innovation, and The Digital Chamber.

Representatives from the industry coalition said the legislation would establish regulatory rules for digital assets, define the responsibilities of the Securities and Exchange Commission and Commodity Futures Trading Commission, and help keep crypto businesses, investment, and jobs in the United States.

In the letter, the groups argued that digital asset markets are becoming an increasingly important part of financial infrastructure and warned that continued delays could push innovation toward overseas jurisdictions operating under different regulatory frameworks.

Industry pressure grows as Senate clock ticks

Recent assessments from analysts and market participants have increasingly focused on timing rather than support for the legislation itself.

Last week, Galaxy Digital head of research Alex Thorn lowered the firm’s estimate of the CLARITY Act becoming law in 2026 to 60%, down from 75% in May. Thorn said the bill needs to advance through the Senate before lawmakers leave for their August recess, adding that the legislative opportunity becomes much more limited once election-related activity begins to dominate the congressional calendar.

Galaxy Digital said the measure still requires Senate floor debate, consideration of amendments, and reconciliation between versions approved by different Senate committees. Thorn also noted that Senate leadership would likely need to dedicate floor time in July for those procedural steps to be completed before the recess.

A separate assessment from JPMorgan, led by managing director Nikolaos Panigirtzoglou, also warned that the path to passage is narrowing. The bank cited the approaching midterm elections and unresolved disagreements over stablecoin yield provisions as key obstacles facing the legislation.

While support for the bill remains visible across the crypto sector, policy disputes have not been fully resolved. Banking groups have pushed for restrictions on stablecoin yield offerings, while crypto industry advocates have sought stronger protections for developers building decentralized platforms.

Unresolved provisions remain under discussion

Beyond the stablecoin debate, ethics requirements and illicit finance provisions continue to be discussed among lawmakers.

Galaxy Digital said those issues could affect support among senators who remain cautious about crypto legislation. The firm added that it has not yet seen evidence that negotiations have reached a final resolution or that the remaining disagreements have been settled.

Supporters of the bill continue to press for action. Senator Cynthia Lummis, who has backed the legislation throughout the process, told CNBC that lawmakers are working through ethics and illicit finance concerns ahead of a potential Senate vote.

Political support has also come from Treasury Secretary Scott Bessent, White House crypto adviser Patrick Witt, and Senate Banking Committee Chairman Tim Scott, all of whom have publicly encouraged Congress to advance the legislation.

Before reaching the Senate floor, the bill still requires Senate negotiators to align provisions approved by the Banking and Agriculture Committees. Lawmakers must also secure at least 60 votes to avoid a prolonged debate process and keep the legislation moving.

With no Senate floor vote currently scheduled, the industry’s latest appeal adds pressure on congressional leaders as advocates seek to move the CLARITY Act through its remaining legislative hurdles before the election calendar further constrains available time.

Circle has launched cirBTC on Ethereum, introducing a wrapped Bitcoin token backed 1:1 by BTC and supported by onchain reserve verification through Chainlink Proof of Reserve.

According to Circle, cirBTC is now live on Ethereum and is designed to bring Bitcoin-backed collateral into institutional decentralized finance markets. 

In its June 8 announcement, the company said each cirBTC token is backed by an equivalent amount of native Bitcoin held in custody by a regulated Circle entity, with the assets kept separate from Circle’s corporate holdings.

Built for institutions active in lending, market making, treasury management, over-the-counter trading, and settlement, cirBTC allows firms to use Bitcoin as collateral within Ethereum-based smart contract ecosystems without selling the underlying BTC, according to Circle. The company said native Bitcoin can remain in custody while cirBTC moves through onchain financial applications.

Circle added that reserve transparency is provided through Chainlink Proof of Reserve, allowing counterparties to verify backing through multiple wallet addresses visible on the Bitcoin blockchain. According to the company, the system is intended to give trading firms, protocols, and risk teams continuous visibility into reserve holdings.

Circle enters a competitive wrapped Bitcoin market

Following the Ethereum launch, Circle has formally entered a market already populated by several wrapped Bitcoin providers.

When the company first announced cirBTC in April, Circle described the token as a secure and neutral wrapped Bitcoin product for institutional participants. At that time, it said the asset would launch on Ethereum and later become available through Arc, Circle’s layer-1 blockchain infrastructure.

Existing wrapped Bitcoin products already serve a large portion of the market. BitGo-issued Wrapped Bitcoin remains the largest product in the category with an approximately $8 billion market capitalization, while Coinbase Wrapped Bitcoin reached about $5.9 billion after its September 2024 launch, according to Circle’s earlier announcement. Other exchange-backed offerings include Kraken Wrapped BTC, Binance Wrapped BTC, Bitget Wrapped BTC, and OKX Wrapped BTC.

Circle said its business model differs from some competitors because it does not operate a centralized exchange, decentralized exchange, or lending protocol. The company stated that this structure allows institutions to use cirBTC across different trading venues, client relationships, and liquidity networks without concerns about competing with the issuer.

Integration with Circle Mint and Arc

Alongside the launch, Circle said cirBTC can be minted and redeemed through Circle Mint, its institutional platform for managing digital asset liquidity, adding that combining cirBTC with USDC creates a framework where Bitcoin collateral and dollar-denominated liquidity can operate within the same workflow.

Ethereum was selected as the first network because many institutional DeFi, tokenization, and liquidity activities already take place there, according to Circle. Looking ahead, the company said cirBTC is being designed to expand beyond Ethereum through Arc as part of a multichain strategy focused on interoperable financial infrastructure.

Future Arc integration will extend access to wrapped Bitcoin collateral across additional blockchain environments while maintaining the same custody and verification standards.

Key takeaways

• XRP climbed to around $1.15 on Monday as retail traders cautiously returned to the derivatives market.
• XRP futures open interest increased from $2.28 billion to $2.44 billion, signaling renewed speculative activity.

Ripple (XRP) edged higher on Monday, trading around $1.15 as risk appetite showed tentative signs of recovery across the cryptocurrency market. While broader sentiment remains fragile, derivatives data suggest retail traders are gradually returning to the market after weeks of caution.

The modest recovery comes amid a challenging macroeconomic backdrop and renewed geopolitical tensions that continue to weigh on investor confidence.

Geopolitical risks keep investors on edge

Risk-off sentiment remains the dominant market theme as digital assets struggle to sustain gains following a brief rebound over the weekend. Investor caution intensified after Israel and Iran exchanged strikes for the first time since the ceasefire agreement reached on April 8.

Despite the cautious environment, XRP derivatives activity recorded a modest increase. Open Interest (OI) in XRP perpetual futures rose to an average of $2.44 billion on Monday, up from $2.28 billion previously. The increase suggests traders are gradually re-entering the market and taking on additional exposure, even as uncertainty remains elevated.

The rise in futures positioning points to renewed speculative interest, although the increase remains relatively modest compared to previous bullish periods.

Ripple price forecast: XRP faces heavy technical resistance

Although XRP has managed to rebound toward $1.15, the broader technical picture remains bearish.

The token continues to trade below its key moving averages, including the 50-day EMA at $1.33, 100-day EMA at $1.41, and the 200-day EMA at $1.63

These levels create a significant overhead resistance zone that could limit upside momentum.

Additional bearish signals come from the SuperTrend indicator, which remains negative around $1.26, and a descending trendline whose breakout point is located near $1.52. Together, these indicators suggest that rallies may continue to encounter selling pressure.

Technical momentum indicators continue to favor the bears. The Relative Strength Index (RSI) is hovering near 32 on the daily chart, reflecting weak buying momentum despite the recent bounce. 

Meanwhile, the Moving Average Convergence Divergence (MACD) histogram remains below the zero line, reinforcing the prevailing bearish trend.

These indicators suggest that downside risks remain elevated unless XRP can reclaim key resistance levels.

While XRP has shown resilience by reclaiming the $1.15 level, the token remains trapped within a broader bearish structure. Improving derivatives activity and continued ETF inflows offer encouraging signs, but weak market sentiment and persistent geopolitical uncertainty continue to cap upside potential.

For a stronger recovery to develop, XRP will need to overcome multiple resistance barriers while broader risk appetite across the crypto market improves. Until then, traders remain focused on whether support around $1.05 and the critical $1.00 threshold can withstand further selling pressure.

Yuga Labs has rescued about $570,000 worth of NFTs after an exploit affected Floor Protocol on Sunday. The team behind Bored Ape Yacht Club said the operation removed exposed assets before another actor could drain them.

• Yuga Labs rescued about $570,000 worth of NFTs after a Floor Protocol exploit exposed vulnerable pools.
• The whitehat operation secured 29 Bored Apes and two CryptoPunks before another actor could drain them.
• Yuga Labs currently holds the rescued NFTs while coordinating with Floor Protocol developers on returns.

The rescued items included 29 Bored Apes and two CryptoPunks, among other NFTs. Yuga Labs said it now holds the assets while working on a return process.

Yuga Labs moves exposed NFTs from pools

According to Yuga Labs vice president of Blockchain 0xQuit, the team found the exploit after reviewing Floor Protocol activity. Floor Protocol had stopped operations last year, but some NFT pools still contained assets. The platform previously allowed users to deposit NFTs into pools and receive fungible μTokens. Users could then trade those tokens or burn them to redeem the underlying NFT. The Sunday exploit created a path to drain those pools.

0xQuit said the team found another exploit route after deeper review. “After digging deeper, we found another related exploit path,” 0xQuit wrote on X. The post said the route could affect more vulnerable Flooring pools. Yuga Labs then moved exposed NFTs from those pools before another exploit attempt. The team described the action as a whitehat operation.

The rescued assets included high-value Ethereum NFT collections. Yuga Labs said it acted to protect Bored Apes and other exposed items. The operation also covered two CryptoPunks, according to the provided report. The team now maintains control of the NFTs. It plans to coordinate with Floor Protocol developers on the next steps.

Floor Protocol exploit involved μToken balances

Floor Protocol used a liquidity model tied to deposited NFTs and μTokens. The system allowed users to gain liquidity without directly selling their NFTs. However, the exploit reportedly targeted the relationship between wrapped Ethereum and μToken balances. According to 0xQuit, attackers could turn a small amount of wETH into a nearly unlimited μToken balance. That balance could then help drain NFTs from affected pools.

Yuga Labs said its goal involved removing exposed assets before another party used the same method. 0xQuit wrote that the team wanted to extract vulnerable NFTs first. The post said another malicious actor could have used the same paths. The team therefore moved the assets to stop further losses. Yuga Labs did not say the owners had already received the NFTs back.

Yuga Labs CEO Michael Figge also commented on the response. “Thanks to this move, we were able to save dozens of assets,” Figge wrote on X. He said the action prevented market impact and protected Flooring protocol tokens. The company’s statements framed the move as a recovery effort. Floor Protocol developers still need to help settle ownership and return issues.

NFT market remains below 2022 levels

The rescue took place after a long decline in NFT trading activity. Bored Apes traded above $300,000 during the market peak in early 2022. At that time, Ethereum NFT daily sales often topped $100 million, according to CryptoSlam data. 

In 2026, the highest daily sales volume reached $32.3 million. The figures show a much smaller market than the 2022 peak. The Floor Protocol incident involved assets from a platform that no longer operates actively. Even so, remaining pools still carried exposure to smart contract risks. Yuga Labs said it acted after finding the exploit route on Sunday morning. The team continues to hold the rescued NFTs while seeking a return plan. The next step depends on coordination with Floor Protocol developers.

Bitcoin’s fall toward $60,000 has not caused a broad retreat among large investors, according to Coinbase Institutional strategy head John D’Agostino. 

He said family offices, governments, and sovereign wealth funds continue treating lower prices as an entry point.

According to crypto.news market data, Bitcoin traded near $63,200 on June 9 after falling roughly 50% from its October 2025 record above $126,000. The sharp decline has weakened market sentiment, but D’Agostino said institutional demand has remained more stable than the price action suggests.

Coinbase sees institutional Bitcoin demand holding firm

“They loved it at $125,000, they liked it at $100,000, and they love it even more at $65,000,” D’Agostino said during a CNBC interview. He described the buyers as long-term allocators that completed extensive reviews before entering the asset class.

Such investors often build positions over longer periods instead of reacting to each daily move. D’Agostino said the latest decline has allowed some institutions to acquire Bitcoin at levels they had already considered attractive during the earlier rally.

In addition, D’Agostino pointed to about $100 billion held through spot Bitcoin exchange-traded funds. He said retail interest linked to those products had declined by about 15%, even though Bitcoin had lost close to half its peak value.

Bernstein analysts also described the downturn as a quieter market cycle rather than a collapse in Bitcoin’s store-of-value case. As previously reported by crypto.news, spot Bitcoin ETFs recorded $2.6 billion in net outflows during 2026, while corporate treasury purchases helped keep combined institutional demand positive.

Separately, as previously reported, spot Bitcoin ETFs had recorded 13 consecutive outflow days by June 5, the longest streak since their launch. Withdrawals were uneven across funds and did not amount to a full institutional exit. Bitcoin later recovered above $63,000, but remained more than 10% lower over seven days as of June 9.

Strategy purchase counters forced-selling concerns

Strategy added 1,550 Bitcoin for $101.3 million between June 1 and June 7, as previously reported. The company paid an average of $65,332 per coin and raised its total holdings to 845,256 Bitcoin.

The purchase followed Strategy’s sale of 32 Bitcoin in late May. The company also increased its dollar reserve to $1 billion. Its filing showed an average acquisition cost of $75,680 across its total Bitcoin position.

D’Agostino said he was unaware of any major institutional holder that was “horrifically overlevered” or nearing liquidation. He added that larger companies can often raise new capital to support their positions, although continued access to funding depends on market conditions.

The comments do not remove the risks facing Bitcoin. ETF outflows, weaker retail activity, and further price declines could still test institutional demand. 

However, current purchases and retained ETF exposure show that large investors have not responded to the downturn with widespread selling.

The UK’s Financial Conduct Authority has proposed allowing some authorized investment funds to hold up to a 10% allocation of crypto exchange-traded notes, closing a regulatory gap between retail investors and funds.

The FCA floated the idea in a quarterly consultation paper on Friday, which would allow retail-focused funds called undertakings for collective investment in transferable securities, or UCITS funds, and some non-UCITS funds to gain exposure to crypto.

The regulator said it wanted authorized funds to “remain contemporary and consistent with the demands of investors” while ensuring consumers “are adequately protected and markets function well.”

The proposal seeks to align rules on who can buy crypto products after the FCA lifted its ban on retail investors being able to trade crypto exchange-traded notes in August, as the regulator looked to align retail access to crypto with other countries.

The FCA said in its consultation that its proposed 10% cap would “set conservative restrictions on assets to which a fund can be exposed, in exchange for allowing these funds to be marketed to retail consumers.”

An excerpt from the FCA’s consultation pitching allowing retail funds limited exposure to crypto products. Source: FCA

The regulator added that it didn’t believe allowing retail-focused funds “to have significant exposure” to crypto products was appropriate, “given the speculative nature of the underlying cryptoassets.”

Related: UK Lords warn BoE could regulate pound stablecoins into irrelevance

Retail funds that want to invest in crypto must also show that the investment is “consistent with the disclosed investment objectives and risk profile of a given fund,” the FCA said.

The proposal said that unregulated and qualified investor schemes could invest in “more speculative assets,” and it would not apply a limit to holdings, but those funds can’t be marketed or sold to retail investors. 

The FCA is also seeking input on whether it should prevent funds centered on holding so-called “long-term assets” such as property and other retail-focused funds from holding crypto exchange-traded notes, arguing that it does not consider crypto to be consistent with the funds’ investment objectives.

The consultation on the proposal will last for five weeks, until July 13.

It comes as the UK has been clearing a path for crypto, with the FCA and Bank of England consulting on proposed rules for stablecoins, crypto custody and staking.

The Bank of England last month said it was reconsidering parts of its proposed stablecoin regime after crypto companies warned that holding caps and reserve requirements could stifle adoption.

In April, the FCA also made new rules for tokenized funds to make it easier for asset managers to use blockchains and sought feedback on guidance to clarify requirements for stablecoin issuance, crypto trading, custody and staking.

Magazine: How crypto laws changed in 2025 — and how they’ll change in 2026

Key takeaways

• Ethereum continues its downtrend after breaking key support levels and testing a low of $1,505 last week.
• The broader crypto market remains under pressure following last week’s massive dump.

The cryptocurrency market starts the week on a weak footing, with Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) continuing to trade under heavy selling pressure following steep declines last week. 

Bitcoin lost more than 14%, Ethereum dropped over 15%, and XRP shed more than 13%, leaving technical indicators firmly tilted toward further downside risks. 

BitMine boosts Ethereum holdings with largest ETH purchase of 2026

Ethereum treasury company BitMine Immersion Technologies significantly expanded its holdings last week, purchasing 126,971 ETH as the second-largest cryptocurrency declined toward the $1,500 price region.

The acquisition marks BitMine’s largest weekly Ethereum purchase of 2026, underscoring the firm’s continued commitment to accumulating the digital asset despite recent market volatility.

Following the latest purchase, BitMine’s total Ethereum holdings have climbed to 5.54 million ETH. The company stated that it now controls approximately 4.59% of Ethereum’s circulating supply, moving closer to its long-standing objective of owning 5% of all ETH in circulation.

According to the firm, it remains on track to achieve that milestone before the end of the year, further strengthening its position as one of the largest corporate holders of Ethereum.

Ethereum slides below critical support areas

Ethereum is also extending its bearish trend, trading around $1,684 after breaking several key support levels below. The second-largest cryptocurrency remains firmly below its 50-day, 100-day, and 200-day EMAs, currently positioned near $2,058, $2,189, and $2,441, respectively.

The concentration of these moving averages above current price levels suggests that any recovery attempts could face strong selling pressure. Meanwhile, Ethereum’s daily RSI sits at 50, indicating a neutral market condition, while the MACD remains deeply negative, reinforcing the dominance of bearish momentum.

For bulls to regain control, Ethereum would need to overcome several resistance levels:

• Immediate resistance at $1,747.
• Psychological resistance at $2,000.
• 50-day EMA near $2,058.
• 100-day EMA around $2,189.
• 200-day EMA near $2,441.

On the downside, the next significant support level is located around $1,385, a zone where buyers could attempt to slow or reverse further declines if selling pressure intensifies.