Ethereum slips 5% on the week to around $2,500 as Bitmine nears end of ETH buying plan
AI Market Summary
ETH is under pressure as a major corporate treasury buyer (Bitmine) signals it will stop accumulating after reaching ~5% of circulating supply, removing a recurring marginal bid. The shift coincides with six straight days of US spot ETH ETF outflows, reinforcing weaker demand signals. Together, reduced structural buying and negative fund flows increase sensitivity around key support levels and can dampen risk appetite in ETH-linked positioning.
Impact level
● Medium
Affected assets
ETH/USDT-1.62%
AI Insight · ETH/USDTAI Insight
▼ Bearish
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At the TOKEN2049 conference in Singapore on October 7, Bitmine Chairman Tom Lee said the company needs to buy about 100,000 more ETH to reach its target of 5% of circulating supply, after which it will stop accumulating. Bitmine reported holdings of 6,016,414 ETH—around 4.9% of supply—after buying roughly $41 million worth over the prior week. U.S. spot ETH ETFs have recorded outflows for six consecutive trading days. With those developments, ETH fell 5% over the week to around $2,500.
