Ethereum has continued to decline amid ongoing corporate accumulation. Market data shows that ETH briefly dropped to around $1,600, recording a nearly 4% decline over 24 hours. Ahead of the U.S. inflation data release, traders overall favored reducing risk exposure, putting pressure on crypto assets.
BitMine's holdings may rise to 5.62 million.
On-chain monitoring account Lookonchain detected that approximately 75,000 ETH were transferred from Kraken and wallets associated with FalconX to addresses linked to BitMine, estimated at around $123 million based on the price mentioned in the article.
In its treasury update on June 8, BitMine disclosed that it holds approximately 5.54 million ETH, representing 4.59% of Ethereum’s circulating supply. If this transfer corresponds to new purchases, its holdings would rise to approximately 5.62 million ETH, or about 4.66%, bringing it closer to its 5% supply target.
ETF funds continue to experience net outflows
Increased corporate buying has not altered the overall weak funding conditions. According to SoSoValue data, U.S. spot Ethereum ETFs experienced a net outflow of $540.9 million in May and an additional $131.5 million since June.
The total assets of ETFs have declined from over $15 billion at the beginning of the year to approximately $9.13 billion. Continuous outflows have weakened the spot market's capacity to absorb demand.
Meanwhile, rising oil prices and heightened tensions in the Middle East are boosting risk-off sentiment. After a series of stronger-than-expected U.S. economic data, market expectations for near-term rate cuts have cooled, continuing to weigh on risk assets.
$1,550 is a key support level.
CoinGlass's liquidation heatmap shows significant leveraged positions between $1,700 and $1,760 for ETH, with another notable concentration near $1,800. If the price rebounds into these ranges, it could trigger forced liquidations of short positions, amplifying volatility.
The liquidity below is primarily concentrated around $1,550 and $1,500. If selling pressure continues, these levels may still serve as targets for further price declines.
On the weekly chart, the $1,510 to $1,620 range remains a significant support zone since late 2022. The article notes that $1,550 is a key support level to watch currently; if breached, the round $1,400 level will re-enter focus. The Relative Strength Index is nearing oversold territory, and the MACD remains in a weak zone, indicating that short-term momentum has not yet shown clear improvement.