Quick overview

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BitMine Immersion Technologies ($BMNR), which is aggressively accumulating Ethereum as its core asset, is facing increased selling pressure. Ethereum (ETH) has dropped below the psychologically significant support level of $4,500. This situation is not uncommon, as BMNR’s performance is closely tied to ETH’s price movements due to the company’s strategy of acquiring and staking ETH to reach 5% of the network’s total supply. Ethereum’s recent decline is a significant reversal from its highs of around $4,950 in mid-September.

Additionally, spot ETH exchange-traded funds (ETFs) experienced net outflows of $300 million last week, indicating caution among institutional investors. The breach of the $4,000 mark has also generated bearish sentiment, as ETH has not traded below this level since late August.

Institutional caution is further emphasized by the long/short ratio falling below 1.0 for the first time in weeks, suggesting that while futures open interest remains high, it is leaning towards a bearish outlook. From a technical perspective, if the ascending trendline support around $3,900 fails, ETH could face an additional decline of 15% to approximately $3,560, especially after breaking out of a multi-month symmetrical triangle pattern.

BitMine surpassed 2% of the total Ethereum supply last month, accumulating over 2.4 million tokens valued at $11.4 billion. In a single week in October 2025, an additional 179,000 ETH, worth approximately $821 million, was acquired, bringing the total to 2.83 million tokens and a total asset value of $13.4 billion.

This “asset-light” strategy eliminates the energy costs associated with mining while generating staking yields of around 3-5% annual percentage yield (APY). Thomas Lee, chairman of Fundstrat, emphasizes ETH’s potential for a “supercycle” driven by Wall Street adoption and advancements in AI. In early October, Cathie Wood’s ARK Invest purchased 102,000 shares, indicating institutional support.