BitMine buys $93M in ETH, but price slips as holders resume selling

BitMine announced it had acquired an additional 51,162 ETH over the week, worth more than $93 million. The purchase was one of the larger institutional buys recently, but the news failed to spark sustained upward movement; on-chain data suggests some investors used the headline as liquidity and long-term holders resumed distribution.

HODL waves show short-term holders maturing into mid-term ones, with the 3- to 6-month supply rising 5% over the past week. Many underwater holders appear reluctant to realize losses, a stance that supports price stability while limiting fresh buying as investors wait for clearer signs of recovery.

Ethereum is trading at $1,824 after losing the $1,928 support level, and the Parabolic SAR now sits above the candlesticks, signaling a short-term downtrend with sellers controlling momentum. The next major support is at $1,750; a decisive break below could expose ETH to further downside toward $1,595, and weak macro conditions and persistent outflows may amplify volatility.

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