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BitMine Immersion expanded its Ethereum treasury with a $73 million purchase, yet its shares fell sharply as investors questioned the company's long-term strategy. The company now controls about 4.8% of Ethereum's circulating supply and plans to increase that figure to 5% by 2026.
Besides building its holdings, BitMine intends to generate returns through staking and decentralized finance activities using its MAVAN staking platform. Meanwhile, Ethereum outperformed several major cryptocurrencies during the past week, although several network indicators continued to present a mixed picture for the asset's momentum.
BitMine's latest Ethereum purchase increased its total holdings to roughly 4.8% of the token's circulating supply. The company is targeting 5% of Ethereum's circulating supply by the end of 2026.
Moreover, BitMine plans to earn revenue by staking its Ethereum and participating in decentralized finance through its MAVAN staking platform. Even so, investors remained cautious. The question is whether the treasury model holds up when crypto markets turn volatile.
Ethereum delivered double-digit gains between last week and Wednesday, outperforming Bitcoin, XRP and Solana before the wider cryptocurrency market retreated on Thursday.
At the same time, Ethereum Exchange Reserves declined by 253,000 ETH since July 5. More holders moved coins into self-custody, pulling supply off exchanges.
In addition, U.S. spot Ethereum exchange-traded funds remained on course for a positive week. SoSoValue data shows $68 million in net inflows between Monday and Thursday. The Coinbase Premium Index remains below zero despite a slight recovery, suggesting U.S. sentiment hasn't fully turned.
Ethereum's network activity produced conflicting signals. The 14-day moving average of transaction counts climbed to a record 2.65 million, surpassing the previous peak recorded in May.
Meanwhile, the 14-day moving average of active addresses dropped to 397,000, marking its lowest level since December. Fewer wallets interacted with the network, although those remaining completed transactions more frequently.
Furthermore, total staked Ethereum reached a record 40.93 million ETH after increasing by 4.94 million ETH since the start of the year. Much of that growth came from BitMine Immersion, which staked 4.9 million ETH since December, meaning the increase did not necessarily reflect broader staking participation.
Read More: Ethereum Staking Revenue Soars as Bitmine Reports 98% Contribution
Elsewhere, Ethereum recorded $91.4 million in liquidations during the past 24 hours, including $61 million in long liquidations. On the technical side, ETH traded above its 20-day and 50-day exponential moving averages at $1,791 and $1,812. The Relative Strength Index remained in the mid-50s, while the Stochastic Oscillator stayed elevated, indicating continued buying momentum despite signs of an extended advance.
Traders watched resistance near $1,909, followed by the 100-day EMA at $1,942 and additional barriers at $2,018, $2,107, $2,211 and $2,388. Meanwhile, support appeared between $1,812 and $1,806, followed by $1,741, with deeper support levels at $1,524, $1,404 and $1,155.
BitMine increased its Ethereum holdings with a $73 million purchase despite a sharp decline in its shares. Meanwhile, Ethereum outperformed several major cryptocurrencies, although mixed on-chain indicators and cautious investor sentiment continued to shape expectations for its near-term direction. Investors will likely watch upcoming staking activity and market data closely.
