Ethereum (ETH) exchange reserves plummet, Bitmine increased its holdings by another $69 million

Key Highlights

Increasing institutional interest

• The supply of Ethereum (ETH) held by exchanges plunged to 14.88 million units, the lowest point in many years.
• Bitmine acquired an additional 28,086 ETH units for approximately US$69.44 million, expanding its total reserve to 5.93 million units.
• Although the daily net outflow of the U.S. spot Ethereum ETF reached US$48.34 million, the weekly data remained in a positive range.
• Technical analyst Ali Martinez pointed out that there is strong support around US$2475, and the upside target is looking around US$2723.
• The ETH/BTC trading pair continued to hold at the 0.03 level, maintaining its bullish pattern after breaking through the long-term downtrend.

Price Trend and Market Dynamics

Ethereum is currently hovering around $2492, having previously rebounded from an intraday low of $2,442.98. In the previous trading day, the asset price fluctuated from $2,442.98 to $2,505.13. The main resistance facing market participants now is concentrated in the $2500 to $2505 area.

Exchange positions hit multi-year lows

According to CryptoQuant's data, as of September 8, 2026, the number of ETH held by centralized trading platforms has shrunk to 14,882,226. This is the lowest exchange balance level recorded in many years.

Since July 1, 2025, approximately 6.4 million ETH pieces have been withdrawn from exchange wallets. Among them, Binance alone's holdings have dropped to about 3.74 million, setting a quarterly low for the platform.

Source: CryptoQuant

Strong institutional holdings

Bitmine executed another major purchase transaction this week, purchasing 28,086 ETH units worth approximately US$69.44 million. The deal raised the company's cumulative positions to 5,929,198, with a current value of approximately US$14.66 billion, accounting for approximately 4.9% of Ethereum's total circulating supply.

Company Chairman Tom Lee linked Bitmine's stock performance to broader cryptocurrency market trends. He pointed out that from the third quarter to last Friday, ETH's excess return relative to the S & P 500 reached 5430 basis points. Lee further stated that since June 30, ETH has ranked in the top three after Bitcoin and Solana.

Spot ETF Fund flows

The cumulative net inflow of spot Ethereum ETF products in the United States since July 1 is approximately US$2.345 billion. At the reporting time, the total assets managed by these investment vehicles had reached US$15.57 billion.

Approximately 43.1 million ETH (35.91% of available supply) are still locked in pledge contracts. This indicator shows that token holders maintain long-term confidence.

On September 8, ETF activity turned negative, recording an outflow of a total of 19,667 ETH (worth US$48.34 million). However, looking back at the past seven days 'data shows positive momentum, with a net increase of 15,939 ETH, equivalent to an inflow of US$39.18 million.

Analyst Opinion

Cryptocurrency market analyst Michaël van de Poppe expressed his views on the X platform, saying,"I wouldn't be surprised to see a fairly sharp rise in ETH from here." Van de Poppe observed that ETH maintained key support levels and pointed out that a breakthrough of $2520 could push the market towards $3000.

I wouldn't be surprised that $ETH has risen quite sharply from now on.

It is holding support again. If we test the $2520 area and start breaking upwards, will we really see $3000?

Key technology areas

Market analyst Ali Martinez cited blockchain data to point out that there is a huge support base near US$2475, with approximately 2.86 million ETH units previously traded at this price. The upper resistance zone he identified was between $2723 and $2822, an area where more than 10 million ETH units had changed hands.

Ethereum is sitting in the main support area near $2475, after about 2.86 million ETH units changed hands here.

As long as the level remains solid, the path to $2722 is relatively clear.

The real test lies between $2723 and $2822, where there are more than 10 million $ETH pieces...

Trades, trader Daan Crypto Trades, observed that the ETH/BTC ratio remained above 0.03, which he believes is the key to maintaining the existing technology framework. The trading pair successfully regained its 200-day simple moving average and exponential moving average, which were located around 0.0292 and 0.0298 respectively.

Tom DeMark, a capital markets strategist who advises Bitmine, expects Ethereum to continue to rise in the coming weeks, given the price movements established in August.

The ETH/BTC trading pair is currently trading around 0.0315, with subsequent targets of 0.0320 and 0.0335 becoming relevant provided that the bottom support of 0.03 is maintained.