Ethereum (ETH) has been trading in an ascending channel since reclaiming $2,000 and has held above that level for 12 straight days. At the time of writing, the altcoin was trading at $2,340, down 2.02% on the daily charts.
As the market stabilizes above $2,000, institutional investors have increased the deployment of capital into the altcoin. Institutional demand is particularly driven by U.S. investors, as the Coinbase Premium Index has remained elevated for two consecutive weeks.
This is the longest cycle in 2026, corresponding to sustained demand levels recorded between October and November 2025.
Bitmine adds 100,000 ETH for $233 million as institutions pile on
As institutions aggressively accumulate ETH, Bitmine is currently leading this race. According to Lookonchain, Bitmine purchased an additional 100,000 ETH worth $233.7 million.
The purchase was made using three wallets that received the tokens from BitGo. With this purchase, Bitmine’s total ETH holdings reached 4.9 million ETH, worth $11.5 billion, after accumulating over 315,000 ETH in the last 30 days.
Despite continued accumulation during the recent period of weakness, Bitmine’s holdings are down 36%, with an unrealized loss of $6.3 billion.
Bitmine’s continued accumulation reflects the company’s confidence and suggests it is less concerned about short-term losses.
Besides Bitmine, Ethereum Spot ETFs have remained bullish for almost two weeks. Spot ETH ETFs have seen net inflows since April 9, reflecting sustained demand for the asset.
At press time, the Spot influx stood at approximately $43 million. However, total net assets fell from $14.2 billion to $13.6 billion.
Historically, sustained institutional demand has strengthened ETH price action. For example, in mid-2025, ETH rose from $2.5k to $3.7k amid sustained institutional demand.
Can Demand Boost Ethereum?
Although ETH has rallied from $2.4k, the altcoin remains structurally bullish, largely supported by institutional demand.
Looking at the altcoin Momentum Bias Index, the momentum indicator, although it is flattening, the bulls remained active in the market. The upside potential has weakened slightly, but the bears have yet to take over the market.
The Relative Strength Index (RSI) further validated these market conditions. The RSI fell to 54, while the signal line remained at 59.
At this level, it suggests that even though sellers have returned in force, buyers also remain active and continue to accumulate. Therefore, the next direction of the market depends on which one will dominate the other.
If institutional demand maintains, ETH is likely to recover from the drop, return to $2.4k, and aim for a jump towards $2,570. However, if the current weakness persists, the altcoin could slide as low as $2,250.
Final summary
- Bitmine purchased 100,000 ETH worth $233 million, despite 36% unrealized losses.
- Ethereum remains structurally bullish and institutional demand could push prices towards $2.5k.
