Key facts
- Ethereum price fell below $2,000, reaching a low of $1,955.
- Spot Ethereum ETFs experienced net outflows for the third consecutive week.
- Bitmine Immersion Technologies purchased 26,497 ETH last week.
- Bitmine's total ETH holdings are 5.41 million ETH, valued at approximately $10.72 billion.
- Bitmine's ETH position is currently underwater by roughly $9 billion.
- Key support for ETH is identified at $1,909, with a potential drop to $1,741 if breached.
Ethereum has fallen below the critical $2,000 mark, exacerbated by a third consecutive week of net outflows from spot Ethereum ETFs. This trend suggests waning institutional interest or a shift in market sentiment. Despite the price pressure, significant ETH holder Bitmine Immersion Technologies continues its accumulation strategy, although its substantial holdings are currently showing a considerable unrealized loss.