Ethereum is seeing a sharp decline, with the price falling below the psychologically important $2,000 level for the first time since last March. Despite this gloomy atmosphere, Ethereum’s price outlook could change soon. While Strategy sold Bitcoin for the first time since 2022, Ethereum-oriented asset management company BitMine took the opposite course with great force.
BitMine Immersion Technologies, whose board is chaired by Tom Lee of Fundstrat, last week added an additional 26,497 ETH to its vault, worth $52 million. The move follows his largest single purchase of 2026, where he acquired nearly 112,000 ETH the previous week.
Bitmine adds 26,497 ETH and its holdings reach 5.42 million ETH
Bitmine (NYSE: BMNR) announced that it acquired 26,497 ETH over the past week, bringing total holdings to 5.42 million ETH, or 4.49% of Ethereum’s circulating supply. The company said the total cryptocurrencies, cash and other… pic.twitter.com/UtWbxtEu9c— Wu Blockchain (@WuBlockchain) June 1, 2026
BitMine now holds 5,416,901 ETH, representing 4.48% of the coin’s circulating supply, backed by an Ethereum treasury of $10.6 billion, as well as $446 million in cash, bringing the company closer to its goal of capturing 5% of the total supply.
“Current ETH prices do not reflect the strength of the technical fundamentals of the Ethereum network,” Tom Lee said in a statement, adding: “We are in the early stages of what might be called crypto spring.”
With the obvious contrast between Strategy’s release of Bitcoin and BitMine’s massive accumulation of Ethereum, questions arise about the confidence of the institutions currently investing and whether ETH’s current weakness is just a passing disruption or a warning of a deeper decline.
Ethereum Price Prediction: Will We Hit $2,500 in Q2?
Ethereum has lost nearly 15% of its value over the past month and is now trading at levels 60% below its all-time high reached in August. Crossing the $2,000 level is a significant technical event, especially since this level represents strong support for the price since the end of March.
Analysts have described Ethereum’s current price structure as “extremely bearish,” pointing to a potential downside target near $1,530 if selling pressure persists. In contrast, a separate market note noted that the $2,500 level represents crucial resistance to watch, with ETH potentially trading in a range between $2,300 and $2,500 ahead of the next network update window.
Standard Chartered remains committed to its price target of $7,500, while Tom Lee sets a price range between $7,000 and $9,000, with the price potentially reaching $20,000 in the long term according to institutional reports.
If Ethereum manages to reclaim the $2,000 level soon and break through the $2,500 resistance, it will completely change the landscape as institutional pooling from players like BitMine will reduce the available supply in the market.
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