Share
Ether (ETH) traded at $1,833.77 on the daily chart, down 5% on the day, according to TradingView data.
The candle opened at $1,863.49, reached a high of $1,869.31, and fell to a low of $1,831.44.
Bitmine Immersion Technologies published its July Chairman’s Message on X, a 12-post thread titled “Ethereum is the Cure for the Uncanny Valley of Wealth.”
🧵
1/
Bitmine released its July Chairman's Message titled
"ETH is the Cure for the Uncanny Valley of Wealth"– Two exponential tailwinds for Ethereum
– The crypto headwinds of 2026 are ending
– Bitmine primed for next bull cycle— Bitmine (NYSE-BMNR) $ETH (@BitMNR) July 16, 2026
The post framed an AI-driven wealth concentration thesis: The idea that as machines generate a growing share of income, distrust of centralized guardrails, government, financial institutions, and tech giants alike creates demand for decentralized alternatives, with Ethereum positioned as the largest.
The thread recapped Bitmine’s first year of operations, which ended on June 30, 2026. In its first year, the company:
Bitmine also cited a developer report from Electric Capital claiming Ethereum has more developers than the next 10 blockchains combined and leads in every continent measured.
The thread separately pointed to Robinhood Chain, quoting Fundstrat’s own July 11 characterization of it as a “massive breakout product” that has already generated more trading volume than many established decentralized crypto exchanges, with ETH as its native gas token and fees denominated in ETH.
The @RobinhoodApp Chain quickly turned into a massive breakout product garnering more volume than many established crypto DEX…
– uses $ETH as the native gas token
– transaction fees denominated in ETH
– finality on @ethereum L1ETH is money… see it clearly now?@BitMNR… https://t.co/yWJfdl0O8M
— Thomas (Tom) Lee (not drummer) FundstratDirect.com (@fundstrat) July 11, 2026
Bitmine frames that as evidence of real transactional demand for ETH distinct from treasury accumulation or ETF flows, a demand-side argument worth separating from the accumulation-focused parts of the thread.
Bitmine’s thread separately highlighted its 9.5% Perpetual Preferred stock (BMNP), offered at $80 and now trading near $86, a specific, verifiable gain distinct from ETH’s own price action.
The company also cited Bloomberg data showing a 90% correlation between its common stock (BMNR) and ETH’s price.
If that correlation holds, today’s ETH decline should show up in BMNR’s own shares by a proportionate amount, a same-day, checkable test rather than a figure to accept without verification.
Bitmine’s framing throughout the thread is its own stated position as a company whose balance sheet and business model depend on ETH’s price and adoption. The developer-dominance claim, the correlation statistic, and the anniversary milestones are all worth treating as Bitmine’s characterization of its own results and of Ethereum’s standing, rather than as independently confirmed market consensus.
The daily ETH/USD chart and technical data from TradingView show a mixed picture of moving averages (MAs). The 10-day exponential moving average (EMA) at $1,821.80, 10-day simple moving average (SMA) at $1,815.03, 20-day EMA at $1,783.87, 30-day EMA at $1,776.79, and 50-day EMA at $1,809.33 all sit below the current price and show an upward signal, as does the 50-day SMA at $1,740.52.
The Hull MA at $1,898.45 shows a downward signal, with the current price sitting above it as the nearest resistance from that indicator. The 100-day and 200-day tiers remain firmly bearish, with the 100-day EMA at $1,940.39 and the 200-day EMA at $2,209.70.
Immediate support sits at the day’s low of $1,831.44, with the 50-day EMA at $1,809.33 and the 50-day SMA at $1,740.52, the next levels below.
Resistance sits at the day’s high of $1,869.31, followed by the Hull MA at $1,898.45.
A close below $1,809.33 would be the first break of the 50-day EMA since ETH’s recent recovery began, while a close back above $1,869.31 would suggest today’s decline was a single-day pullback rather than a trend change.
Bitmine’s thesis is a multi-year structural argument about AI, decentralization, and Ethereum’s role as a trust-minimized settlement layer. This case will take years to confirm or falsify regardless of any single day’s price move.
Today’s decline does not invalidate that thesis, and the thesis does not explain today’s decline; the two operate on entirely different timeframes, and conflating them would overstate what either data point actually proves.
The more useful near-term test is mechanical rather than narrative: Does BMNR’s stock move in line with the 90% correlation Bitmine cited, and does ETH hold the 50-day EMA at $1,809.33 over the upcoming sessions? Both are checkable within days, unlike the multi-year bull case surrounding them, and both would offer a more grounded read on where sentiment actually stands than the thread’s own framing.
Share
preferred on
