Ethereum (ETH) Price: BitMine Buys 10,452 ETH as ETF Outflows Hit a Fourth Week

TLDR

BitMine bought 10,452 ETH last week, lifting its holdings to 6.051 million ETH, or 4.95% of supply. US spot ETH ETFs posted a fourth straight week of outflows, with $484.36 million leaving over seven sessions through Oct. 22. ETH closed below the 100-day EMA and the $2,355 level, and is now testing the 200-day EMA. Analyst Ted Pillows sees $2,200 as a possible buyer area, while Ash Crypto flags $2,300 as key support. The Ethereum Foundation postponed the Hoodi testnet activation planned for Oct. 26.

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Ethereum (ETH) traded near $2,305 on Tuesday as BitMine Immersion Technologies kept buying and ETF investors kept selling. The price has slipped below a key support level that held for about two weeks.

Ethereum (ETH) Price

BitMine said it bought 10,452 ETH over the past week. The buying streak dates back to June 2025.

The purchase lifted its holdings to 6.051 million ETH, worth $14.01 billion. That equals 4.95% of the 122.2 million ETH in circulation.

BitMine is about 0.05% away from its goal of holding 5% of ETH’s supply. It could reach that target in five to six weeks at its recent pace. The firm said it will stop buying once it gets there.

BitMine Stakes More ETH and Buys Back Shares

BitMine staked about 162,000 more ETH last week. Its total stake is now 5.227 million ETH, and annualized staking revenue is $318 million. Lookonchain data shows nearly 86.5% of its treasury is staked.

BitMine Buys 10,452 ETH and Repurchases 2.04M Shares in One Week

BitMine said it acquired 10,452 ETH over the past week, bringing total holdings to 6,051,933 ETH, or about 4.95% of Ethereum’s supply. The company also repurchased 2.04 million shares at an average price of… pic.twitter.com/vXFGfqBR3F

— Wu Blockchain (@WuBlockchain) October 26, 2026

The firm also repurchased 2.04 million shares at an average of $22.48. Its 2026 buybacks now total 22.9 million shares, worth $399.6 million.

Chairman Thomas Lee linked the market drop to risk-off selling in AI-related stocks. He said ETH is down 13% from its recent peak, while the US semiconductor index is down 20%.

“We believe this is further evidence that a crypto bull market is underway,” Lee said.

Not every investor is as upbeat. US spot ETH ETFs recorded a fourth week of net outflows, totaling $220.61 million, per SoSoValue.

SoSoValue data also shows $484.36 million in combined outflows across seven sessions through Oct. 22. Only Oct. 21 saw an inflow, at $14.96 million.

Bitcoin ETFs Draw $110 Million as Ether Funds Shed $88.6 Million

According to SoSoValue, U.S. spot Bitcoin ETFs recorded $110 million in net inflows on October 26, entirely driven by BlackRock's IBIT, bringing its cumulative net inflows to $66.24 billion. Spot Ethereum ETFs saw… pic.twitter.com/564kTDdptz

— Wu Blockchain (@WuBlockchain) October 27, 2026

Arthur Hayes, cofounder of BitMEX, sold several altcoins over the weekend, according to Lookonchain. That included about 6,400 ETH.

Technical Levels Traders Are Watching

Ethereum closed below the 100-day EMA and the $2,355 level over the weekend. A close below the 200-day EMA would put it under all four key EMAs.

Coinglass data shows $47.85 million in liquidations over 24 hours. Long positions made up $35 million of that.

Analyst Ted Pillows said spot buyers are scarce and named $2,200 as a possible buying area. His weekly chart shows support between $2,165 and $2,200. He placed a move above $3,000 after buyers show up there.

Ash Crypto said ETH has closed above the weekly 50-period moving average six times. He noted it is stuck between $2,300 and $2,800. He warned that losing $2,300 could send it toward $1,900.

ETH Weekly Analysis$ETH closed above the 1W MA50 for the 6th time, despite BTC Dominance surging above 60% and uncertainty across global markets.

It is still stuck between $2,300 and $2,800, testing both bulls and bears before its next big move.

The weekly Stoch RSI is… pic.twitter.com/xg6GF8hWnu

— Ash Crypto (@AshCrypto) October 26, 2026

On the daily chart, support sits at $2,256, $2,096 and $1,971. The 14-day RSI is at 33, near oversold territory.

On Oct. 22, the Ethereum Foundation postponed the Hoodi testnet activation planned for Oct. 26. It cited concerns around EIP-8037 and existing mainnet contracts. No new date has been announced.

CoinGecko lists ETH’s market cap at $286.04 billion, with $7.79 billion in 24-hour volume.

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