BitMine Immersion Technologies (BMNR) continues to solidify its presence as a major institutional player in the Ethereum ecosystem. Last week, the company aggressively expanded its treasury, purchasing 27,801 ETH. This acquisition brings the firm's total holdings to 5.77 million ETH, valued at approximately $10.25 billion at the time of reporting. BitMine stated that it is now 96% of the way toward its goal of controlling 5% of Ethereum's total circulating supply, a target the company has pursued since shifting its business model toward an Ethereum treasury just over a year ago.
Network Validation and Diversification
The Las Vegas-based company is not merely hoarding the asset; it is actively securing the network. BitMine has deployed over 4.91 million ETH into the Ethereum blockchain through its Made in America Validator Network (MAVAN), which launched earlier this year. This represents an increase of roughly 38,000 ETH compared to previous reporting periods. Beyond Ethereum, BitMine’s financial disclosures reveal a diversified portfolio including 206 Bitcoin (BTC), a $180 million stake in Beast Industries, a $69 million position in the Worldcoin treasury firm Eightco Holdings (ORBS), and a robust cash and marketable securities balance totaling $482 million.
Institutional ETF Inflows Return
Institutional momentum was also evident in the ETF sector last week. Data from SoSoValue confirms that US spot ETH exchange-traded funds (ETFs) recorded $84.42 million in net inflows, effectively breaking an eight-week streak of outflows. Market analysts have long maintained that sustained and increasing ETF inflows are a critical component for driving any genuine recovery in the broader cryptocurrency market. This return of capital suggests that institutional sentiment may be shifting back toward a constructive outlook.
Technical Indicators and Market Sentiment
Despite these moves, ETH remains under pressure. Coinglass data indicates that Ethereum experienced $81.75 million in liquidations over the last 24 hours, with long positions accounting for $57 million of that total. As of July 13, 2026, Ethereum is trading at $1,769, down 2.04% from its previous close of $1,806. On the daily chart, ETH is hovering just above the 20-day Exponential Moving Average (EMA) of $1,739, while remaining capped below the 50-day EMA at $1,798 and the 100-day EMA at $1,946. The current RSI(14) is 53, reflecting a neutral market sentiment.
Looking Ahead: Support and Resistance
On the downside, ETH is currently testing the 20-day EMA and a horizontal floor near $1,741. Traders are monitoring whether this level will hold as a support, similar to price action seen in previous weeks. Further downside risks lie at the $1,524 and $1,404 levels, with a medium-term base situated near $1,156. On the topside, the price continues to face rejection around $1,850, a significant barrier from the previous month. Stronger overhead resistance is likely to emerge at $1,909, followed by $2,018 and $2,107. The broader market remains cautious as risk-averse sentiment persists, exacerbated by renewed geopolitical tensions in the Middle East between the US and Iran.
