With the market shifting back into risk-off mode, major support levels are starting to crack under pressure.
Technically, Ethereum’s $2,000 zone is becoming the key battleground in real time. $ETH has now logged three straight weeks of downside, sliding nearly 15%, and the current setup suggests the support level is hanging by a thread.
A breakdown here could easily open the door to a broader capitulation move.
Notably, that backdrop makes the latest BitMine [BMNR] update even more notable. As the chart below highlights, the largest Ethereum DAT has collapsed almost 90% from its $161 peak reached last year.
Zooming in further, Tom Lee’s position has now given back a big chunk of unrealized gains, with portfolio profits down nearly 43%. That now works out to roughly $8 billion in total profits at the time of writing, showing the scale of the pullback as momentum fades.
To put it into perspective, BitMine has accumulated over 5 million $ETH in just one year, taking its total Ethereum holdings to around $10 billion and representing roughly 4.5% of the total circulating supply.
However, with BMNR down 90% from its highs and Tom Lee’s portfolio seeing heavy value erosion, the market is now starting to question whether the 5% $ETH target is still realistic.
All of this comes as Ethereum [$ETH] continues to lag on a technical basis versus Bitcoin. As a result, $ETH’s relative strength remains under pressure. Consequently, this also raises the stakes for any recovery from here.
Ethereum accumulation continues as market tension increases
Every market dip acts as a stress test for an asset’s resilience in the eyes of investors.
With macro volatility still in play and FUD now spilling into Ethereum’s largest holders, the setup is starting to look more fragile. As a result, the likelihood of preventing a deeper downside move appears limited.
Sentiment has clearly weakened, which in turn is putting broader investor confidence under pressure.
However, data from Santiment diverges from this narrative. As the chart shows, wallets holding at least 100k $ETH now collectively control 17.41 million $ETH. This is the highest level in nine weeks.
That also puts their share at 22.03% of total supply, a 10-week high. In essence, FUD hasn’t fully filtered into the top cohorts yet.
For Ethereum’s current cycle, that marks a clear divergence.
From a technical standpoint, $ETH’s $2k support hasn’t fully broken down yet, so a rebound scenario is still on the table. In this context, the recent BMNR-related FUD isn’t purely bearish. On paper, $ETH’s pullback has already driven sizable unrealized losses for the company.
However, whale conviction still looks intact, with accumulation trends still supporting the broader structure.
- $ETH is under pressure near $2k, showing mixed signals between price weakness and strong holder conviction.
- BMNR is down sharply with big unrealized losses, but its large $ETH position suggests long-term confidence hasn’t fully broken.
