Ethereum (ETH) Sees Major Accumulation as Bitmine Acquires Another 28,086 ETH Amid Shrinking Exchange Supply

Key Highlights

• Exchange-held Ethereum balances declined to 14.88 million ETH, marking the lowest point in multiple years
• Bitmine acquired an additional 28,086 ETH valued at approximately $69.44 million, expanding total reserves to 5.93 million ETH
• Spot ETH ETFs in the United States experienced $48.34 million in outflows on a single day while maintaining positive weekly flows
• Market analyst Ali Martinez identifies robust support around $2,475 with upside targets approaching $2,723
• The ETH/BTC trading pair continues holding above the critical 0.03 threshold, preserving bullish momentum following its breakout from a prolonged downtrend

Ethereum currently sits around $2,492 following a rebound from an intraday bottom of $2,442.98. Throughout the last 24-hour period, price action oscillated within a range bounded by $2,442.98 and $2,505.13. Market participants now confront immediate selling pressure clustered between $2,500 and $2,505.

The total amount of ETH residing on cryptocurrency exchanges has contracted to 14,882,226 ETH as of September 8, 2026, based on data from CryptoQuant. This represents the most compressed level observed across multiple years.

Beginning July 1, 2025, approximately 6.4 million ETH has been withdrawn from trading platforms. Binance specifically has witnessed its ETH reserves decline to roughly 3.74 million ETH, establishing a three-month nadir.

Bitmine executed another significant purchase this week, accumulating 28,086 ETH with an estimated value of $69.44 million. This transaction elevates the company’s aggregate position to 5,929,198 ETH, currently worth approximately $14.66 billion and constituting roughly 4.9% of Ethereum’s entire supply.

Bitmine Chairman Tom Lee connected the company’s equity performance to wider cryptocurrency market strength. According to Lee, ETH delivered returns exceeding the S&P 500 by 5,430 basis points during the period spanning Q3 through the previous Friday. Lee further positioned ETH among the top three performing assets since June 30, alongside Bitcoin and Solana.

Growing Institutional Appetite

United States spot Ethereum ETFs have attracted approximately $2.345 billion in cumulative net inflows beginning July 1. Combined assets under management across these investment vehicles reached $15.57 billion at the time of reporting.

Approximately 43.1 million ETH, representing 35.91% of available supply, remains locked in staking contracts. This metric signals sustained conviction among long-term participants.

ETF activity shifted negative on September 8, recording outflows totaling 19,667 ETH worth $48.34 million. Despite this single-day withdrawal, the seven-day perspective showed positive momentum with 15,939 ETH in net inflows, equivalent to $39.18 million.

Cryptocurrency analyst Michaël van de Poppe expressed his perspective on X, stating he “wouldn’t be surprised if we’re seeing a pretty violent move upwards on $ETH from here.” Van de Poppe observed that ETH maintains crucial support levels and indicated that breaking above the $2,520 zone could establish a trajectory toward $3,000.

Critical Technical Thresholds

Market analyst Ali Martinez highlighted on-chain metrics revealing substantial support concentrated near $2,475, where roughly 2.86 million ETH last transferred ownership. He identifies resistance spanning $2,723 to $2,822, a zone where over 10 million ETH previously changed hands.

Trader Daan Crypto Trades emphasized that the ETH/BTC ratio maintains position above 0.03, which he views as essential for preserving current market structure. The pair successfully recaptured both its 200-day moving average and exponential moving average, positioned near 0.0292 and 0.0298 respectively.

Capital markets strategist Tom DeMark, who provides guidance to Bitmine, anticipates Ethereum will continue its upward trajectory in upcoming weeks based on technical patterns established during August.

The ETH/BTC pair presently trades around 0.0315, with subsequent targets at 0.0320 and 0.0335 emerging as viable objectives should the 0.03 foundation remain intact.