ETH Falls to $2,040 as Its Biggest Buyer Nears the 6.1 Million Ethereum Goal It Set

Three Things to Know BitMine now owns almost 5% of all ether in circulation and says it is nearly done with its accumulation goal. Ether trades under both long-term moving averages, with momentum oversold but sellers still in control. Bulls need the floor near $1,850 to hold, because the chart shows no mapped support beneath it. BitMine Immersion Technologies, the largest corporate holder of ether, is closing in on the ownership target chairman Tom Lee set last year. The company has bought every week since mid-2025, but it shifted cash toward stock buybacks in October. That shift lands as ether sinks to its weakest stretch in months. Traders now want to know whether BitMine keeps buying past its goal or the market loses its steadiest buyer.

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