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BTC 
ETH Bitmine continues to increase its holdings in Ethereum: 5% supply target is gradually approaching
Bitmine Immersion Technologies (NYSE USA: BMNR) recently spent approximately US$35.92 million to purchase another 20500 Ethereum (ETH) units. The block transaction was completed through Galaxy Digital (Nasdaq: GLXY) around July 10, 2026, with Bitmine paying approximately US$1752 per token.
The acquisition brings Bitmine\'s Ethereum holdings to nearly 5.7 million, with a current total value of just under US$10 billion. At present, the total supply of Ethereum is 120.7 million units, and Bitmine\'s holdings account for approximately 4.7% to 4.8%. The company aims to own 5% of Ethereum\'s total supply.
Tom Lee pursues 5% supply target, Bitmine continues to buy ETH
Bitmine Chairman and Fundstrat co-founder Tom Lee hopes the company will learn from Strategy (Nasdaq: MSTR)\'s strategy of using Bitcoin to use Ethereum. Strategy has built its treasury around Bitcoin. Tom is applying this strategy to Ethereum, although Ethereum differs in terms of supply rules, network economics and uses.
Bitmine will purchase large quantities of Ethereum starting in mid-2025 and continue until 2026. One of them purchased 42197 ETH units worth approximately US$76 million, and the other purchased 60976 ETH units. The most recent purchase of 20500 ETH units was smaller, but still brought the company closer to its goal of owning 5% of Ethereum\'s supply.
Even though Ethereum prices fluctuate between $1700 and $2200 this year, Bitmine continues to buy. The company seems to be more focused on the proportion of supply it can hold rather than pursuing the lowest purchase price. Tom calls his market outlook \"Crypto Spring\" and believes that as more institutions enter the market, it will push up cryptocurrency prices in the long run.
Although there is theoretically no upper limit on Ethereum\'s supply, the number of new additions has remained relatively low after the \"merger\" upgrade shifted to a proof-of-stake verification mechanism. On the other hand, the EIP-1559 protocol will destroy some user transaction fees. Together, these factors have helped maintain stable growth in supply. Bitmine\'s 5.7 million tokens are currently held in a corporate wallet.
Ethereum and Bitcoin test key prices, traders focus on the option risk of US$80,000
ETH/USD is currently in a seesaw state between short-term strength and long-term resistance. On the daily chart, the asset price is above the 20-day moving average ($1759) and 50-day moving average ($1747), but below the 200-day moving average ($2240).
Judging from the benchmark line of the Imochi balance chart, the recent support level for ETH/USD is US$1773. The RSI indicator is 56.97, indicating that the current buyer has a slight advantage. Other technical indicators are less optimistic. MACD sends a strong bearish signal, while ADX is in neutral range.
In terms of Bitcoin, BTC also hit a new intraday high after the opening of Wall Street on Thursday, as U.S. stocks rebounded amid renewed hopes for peace in Iran. CoinGecko data showed that BTC stood again at US$64000, an increase of nearly 5% that day. CoinGlass data shows that in the past 24 hours, short positions have been cleared close to $100 million.
BTC has risen nearly 10% so far this month. A bullish cross signal increases the possibility of another rebound into the above $70000 area, which has repeatedly prevented recent gains. But this signal alone cannot confirm a new long-term bull market, so traders are closely watching the resistance levels ahead.
The third and most critical level is around $71100, which is where Bitcoin\'s 200-day moving average is currently. This technical level prevented BTC\'s rally from February lows to $60000 in May.
Deribit\'s option data brings another potential volatility factor. Nominal open interest refers to the dollar value of open option contracts and is mainly used for hedging or speculation. For contracts related to the $80000 strike price, the nominal open interest exceeds $1.21 billion, the largest total of all strike prices on the platform. As BTC approaches this price, hedging operations by options traders may affect spot and futures trading and cause increased price volatility.
