Key Highlights
- Exchange-held Ethereum supply plummeted to 14.88 million ETH, marking the lowest point in years
- Bitmine acquired an additional 28,086 ETH for approximately $69.44 million, expanding total reserves to 5.93 million ETH
- Daily outflows from US spot Ethereum ETFs reached $48.34 million, though weekly figures remained in positive territory
- Technical analyst Ali Martinez identifies robust support at the $2,475 level with upside targets near $2,723
- The ETH/BTC trading pair continues defending the 0.03 threshold, preserving its bullish pattern following a breakout from a prolonged downtrend
Ethereum currently sits around the $2,492 mark following a recovery from an intraday bottom at $2,442.98. Throughout the last trading session, the asset fluctuated within a range spanning $2,442.98 to $2,505.13. Market participants now encounter overhead resistance clustered between the $2,500 and $2,505 zones.
The amount of ETH held across centralized trading platforms has contracted to 14,882,226 ETH as of September 8, 2026, based on data from CryptoQuant. This represents the smallest exchange balance recorded in multiple years.
Beginning July 1, 2025, approximately 6.4 million ETH has been withdrawn from exchange wallets. Binance’s holdings alone have decreased to roughly 3.74 million ETH, representing a quarterly low for the platform.
Bitmine executed another significant purchase this week, acquiring 28,086 ETH valued at around $69.44 million. This transaction elevates the company’s cumulative position to 5,929,198 ETH, currently worth approximately $14.66 billion and accounting for roughly 4.9% of Ethereum’s entire circulating supply.
Company Chairman Tom Lee drew connections between Bitmine’s equity performance and the wider cryptocurrency market trajectory. He noted that ETH delivered a 5,430 basis point outperformance versus the S&P 500 spanning Q3 through the previous Friday. Lee further positioned ETH within the top three performing assets since June 30, alongside Bitcoin and Solana.
Growing Institutional Appetite
United States-based spot Ethereum ETF products have accumulated approximately $2.345 billion in cumulative net inflows beginning July 1. The combined asset base managed by these investment vehicles reached $15.57 billion at the time of reporting.
Roughly 43.1 million ETH, representing 35.91% of available supply, remains locked in staking contracts. This metric demonstrates sustained long-term conviction among token holders.
ETF activity turned negative on September 8, registering withdrawals totaling 19,667 ETH valued at $48.34 million. Nevertheless, examining the trailing seven-day period reveals positive momentum, with net additions of 15,939 ETH equivalent to $39.18 million in inflows.
Cryptocurrency market analyst Michaël van de Poppe expressed his perspective on X, stating he “wouldn’t be surprised if we’re seeing a pretty violent move upwards on $ETH from here.” Van de Poppe observed that ETH maintains critical support levels and indicated a breakthrough above $2,520 could facilitate a rally toward $3,000.
Critical Technical Zones
Market analyst Ali Martinez referenced blockchain data highlighting a substantial support foundation around $2,475, where roughly 2.86 million ETH last traded hands. He identifies overhead resistance spanning $2,723 to $2,822, a zone where over 10 million ETH previously changed ownership.
Trader Daan Crypto Trades observed that the ETH/BTC ratio maintains position above 0.03, a threshold he views as essential for preserving the existing technical framework. The pair successfully recaptured both its 200-day simple and exponential moving averages, positioned around 0.0292 and 0.0298 respectively.
Tom DeMark, capital markets strategist advising Bitmine, anticipates Ethereum will continue its upward trajectory in forthcoming weeks, citing the price action established during August.
The ETH/BTC pair presently trades near 0.0315, with subsequent targets at 0.0320 and 0.0335 becoming relevant provided the 0.03 floor remains intact.
