The divergence puts two forces in focus. Treasury companies and ETF investors are adding exposure, but short-term price moves can still be driven by changes in risk appetite, bond yields and leveraged trading positions.
BitMine crosses six million $ETH
BitMine said it purchased 17,362 $ETH during the week, bringing its holdings to 6,001,302 $ETH as of September 27.
Using an $ETH price of $2,698 in its announcement, the company valued that position at roughly $16.2 billion. It said its holdings represent about 4.9% of an estimated 122.1 million $ETH supply, leaving it close to its stated goal of accumulating 5%.
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BitMine provided its latest holdings update for September 28, 2026$17.2 billion in total crypto + "moonshots":
– 6,001,302 ETH at $2,698 per ETH (per @coinbase)
– 213 Bitcoin (BTC)
– $180 million stake in Beast Industries @MrBeast
– $115 million stake in Eightco Holdings…— Bitmine (NYSE-BMNR) $ETH $BMNP (@BitMNR) September 28, 2026
Chairman Tom Lee said BitMine has bought $ETH every week since launching its Ethereum treasury strategy on June 30, 2025.
He argued that institutions remain underexposed to crypto and could increase their allocations in the final months of 2026.
BitMine is also putting much of its treasury to work through staking. It reported 5,067,309 staked $ETH, approximately 84% of its total ether holdings.
The company projected $358 million in annualized staking revenue at its current scale. Actual revenue will depend on the amount staked and the yields earned over time.
Beyond $ETH, BitMine reported 213 BTC, a $180 million stake in Beast Industries, a $115 million stake in Eightco Holdings, and $672 million in cash and marketable securities.
It put the combined value of its crypto holdings, cash, securities, and other investments at $17.2 billion.
US spot Ethereum ETFs recorded approximately $689.9 million in net inflows in the week ending September 25, according to an analysis of SoSoValue data.
The inflow continued on Monday, with the funds attracting $1.74 million. The positive week followed six consecutive trading days of inflows into the products.
Those flows point to demand for regulated $ETH investment products, but ETF buying does not determine the price on its own.
Ethereum fell below $2,700 on Monday as the supplied market report described pressure from geopolitical tensions, weaker equities, and rising US Treasury yields.
Ethereum technical outlook: $ETH faces $2,786 resistance
The $ETH/USD daily-chart analysis maintained a positive near-term view as $ETH held above its moving averages, clustered roughly between $2,605 and $2,314.
Its 14-day relative strength index was near 63, suggesting that upward momentum remained, although it had eased from stronger readings.
The immediate support zone is $2,605, where a horizontal level sits close to the 20-day exponential moving average.
If $ETH falls through that area, bears would be targeting a lower support level at $2,544 and then $2,432 in the near term.
On the upside, $ETH first needs to clear $2,786. The next cited resistance levels are $2,894 and $3,177.
These chart levels mark areas traders may monitor, whether they hold $ETH on exchanges or through crypto wallets, but they do not guarantee where the price will move next.
For now, the central question is whether $ETH can hold nearby support long enough for treasury accumulation and ETF demand to translate into renewed price momentum.
