Ethereum treasury company BitMine Immersion plans to end its weekly ETH purchases once it reaches its target of owning 5% of the cryptocurrency’s circulating supply.
Speaking at TOKEN2049 in Singapore, Chairman Thomas Lee said BitMine needs approximately another 100,000 ETH to complete its accumulation strategy.
The announcement comes as Ethereum faces pressure from ETF withdrawals and a sharp price decline, raising questions about demand as one of its largest corporate buyers approaches its purchasing limit.
BitMine nears its Ethereum accumulation target
Lee said BitMine reached its current position considerably faster than anticipated, building its holdings in a little over a year rather than the five years initially expected.
He added that the company intends to stop buying once it reaches the 5% threshold.
In its latest official update, BitMine disclosed a weekly purchase of 15,112 ETH, bringing total holdings to approximately 6.016 million ETH, or roughly 4.9% of circulating supply.
The purchase extended an accumulation streak that began in June 2025, when the company shifted toward a crypto treasury strategy.
At the latest weekly buying pace, acquiring another 100,000 ETH would take approximately seven weeks.
That places the target within reach over the next two months, although the timing depends on subsequent purchases and changes in circulating supply.
BitMine has staked approximately 5.067 million ETH through its Made in America Validator Network, known as MAVAN, and other staking partners.
That represents the majority of its Ethereum holdings and makes staking a substantial component of its treasury operations.
Ending accumulation would remove a recurring source of buying demand.
However, Lee’s stated plan concerns stopping additional purchases; it does not indicate that BitMine intends to sell its existing ETH reserves.
The market impact will depend partly on whether other corporate buyers, ETF investors, or market participants offset the reduction in purchases.
ETF withdrawals and liquidations add pressure
US spot Ethereum ETFs recorded roughly $161 million in net outflows Wednesday, according to the CoinGlass ETF page.
The withdrawals marked a seventh consecutive session of negative flows, indicating sustained selling pressure through those investment products.
Meanwhile, ETH declined approximately 5% in the last seven days, falling below $2,600. CoinGlass data showed nearly $102 million in Ethereum futures liquidations over the preceding 24 hours.
Long positions accounted for $90.74 million, compared with $11.7 million in short liquidations. The imbalance shows that leveraged bullish positions bore most of the losses during the decline.
Ethereum price outlook: $2,548 support faces a test
Ethereum’s daily technical structure weakened after the price fell below its 20-day exponential moving average and horizontal support at $2,636.
The 14-day Relative Strength Index retreated to 45, indicating softer momentum below the neutral midpoint. The Stochastic Oscillator also slipped into oversold territory near 13.
An oversold reading can accompany a rebound, but it does not establish that the decline has ended.
Immediate support stands at $2,548. A sustained break below that level would bring the 50-day EMA near $2,503 into focus.
Further downside references include horizontal support at $2,355, the 100-day EMA around $2,334, and a broader base near $2,204.
For a recovery, ETH first needs to reclaim $2,636 and the 20-day EMA at $2,647. Above that area, resistance sits at $2,781, followed by $3,075 and $3,253.
With ETF flows negative and BitMine nearing its accumulation target, defending nearby support remains important to Ethereum’s short-term recovery prospects.
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