Points of Focus

• ETH rose 1.08% to $1,923.65, trading above its entire 10-to-50-day MA stack.
• Bitmine’s ETH holdings grew by just 7,430 tokens in the week to July 19.
• Bitmine spent the week buying back 5.5 million of its own shares instead.

Ether (ETH) traded at $1,923.65 on the daily chart at the time of writing, up 1.08% on the day, according to TradingView data. The candle opened at $1,903.14, reached a high of $1,929.29, and held a low of $1,899.01, extending a move that has now cleared $1,900 for a second time this month.

A sharp deceleration in Bitmine’s buying

Bitmine Immersion Technologies disclosed on July 20 that its ETH holdings reached 5,777,468 tokens, valued at $1,879 per ETH, bringing total crypto and cash holdings to $11.5 billion. Measured against the company’s prior disclosure on July 13, when holdings stood at 5,770,038 ETH, the company added just 7,430 ETH over the week, a sharp slowdown from the 40,000-plus ETH weekly purchases Bitmine made in late June and early July.

1/
BitMine provided its latest holdings update for July 20, 2026

$11.5 billion in total crypto + "moonshots":
– 5,777,468 ETH at $1,879 per ETH per ETH (per @coinbase)
– 207 Bitcoin (BTC)
– $180 million stake in Beast Industries @MrBeast
– $58 million stake in Eightco…

— Bitmine (NYSE-BMNR) $ETH (@BitMNR) July 20, 2026

Instead of buying more ETH this week, Bitmine repurchased 5.5 million shares of its own common stock under its $4 billion buyback program. That is a genuine shift in capital priorities, from growing the company’s ETH stack to defending its own stock, which warrants treatment as a separate development rather than being folded into a routine accumulation update.

Most of the stack is locked up

Bitmine’s staked ETH stands at 4,917,189 tokens, worth $9.2 billion at current prices and representing 85% of the company’s total ETH holdings. Chairman Tom Lee said the company’s staking operations generated a seven-day annualized yield of 2.67%, with projected annualized staking revenue of $247 million currently and $290 million once fully staked through its MAVAN platform and staking partners. With so much of its position locked in staking, Bitmine has limited near-term flexibility to sell into strength, regardless of how quickly it resumes buying.

The company also disclosed a $58-million stake in Eightco Holdings, which it describes as one of the few publicly listed equities offering indirect exposure to OpenAI, alongside a separate $180 million position in Beast Industries and 207 Bitcoin (BTC). These smaller positions account for a minor share of the $11.5-billion total but round out a balance sheet that extends beyond pure ETH accumulation to include adjacent bets.

The company remains the largest Ethereum treasury and the second-largest crypto treasury globally, behind Strategy, and is backed by investors including Cathie Wood’s ARK, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital. Its Series A Preferred Stock trades on the NYSE under BMNP, and the company was added to the Russell 1000 Large-cap Index on June 26.

Technical levels to watch

The daily ETH/USD chart and technical data from TradingView show ETH above every moving average (MA) from the 10-day to the 50-day.

The 10-day exponential moving average (EMA) at $1,862.96, 20-day EMA at $1,820.20, 30-day EMA at $1,804.05, and 50-day EMA at $1,821.64 all show an upward signal, as do their simple moving average (SMA) counterparts. Only the 100-day and 200-day tiers remain in a downward signal, with the 100-day EMA at $1,936.68 and the 200-day EMA at $2,197.24.

• The relative strength index (RSI) reads 64.14, above the neutral 50 line and approaching levels some traders consider overbought.
• The average directional index (ADX) reads 23.51, indicating a trend that remains weak to moderate despite the price gain.
• The moving average convergence/divergence (MACD) at 45.08 is positive, showing an upward signal, its strongest reading in this recovery.
• At the same time, the Hull MA at $1,898.50 also shows an upward signal, sitting just below the current price.

Immediate resistance sits at the day’s high of $1,929.29, with the 100-day EMA at $1,936.68, the next level above. Support sits at the day’s low of $1,899.01, with the Hull MA at $1,898.50 and the 10-day EMA at $1,862.96 as the next levels below.

A daily close above $1,936.68 would be the first break of the 100-day EMA since ETH’s earlier decline, while a close below $1,899.01 would put this week’s breakout back in question.

What comes next

ETH’s technical breakout is happening in the same week that its largest single corporate holder pulled back sharply from buying. That is worth holding as a genuine, unresolved tension rather than assuming one confirms or cancels out the other.

If exchange-traded fund (ETF) inflows and staking-queue demand, both already building through July, continue to absorb supply while Bitmine’s own pace remains slow, that would suggest the rally has broadened beyond a single large buyer. If price stalls once Bitmine’s typical accumulation resumes, that would suggest the company’s weekly buying had more influence on price than is currently visible in the flow data alone.

The share buyback itself deserves a second, separate read. Spending on BMNR stock rather than ETH could reflect confidence that the shares are undervalued relative to the company’s underlying ETH holdings, a vote of confidence in its own equity rather than a retreat from Ethereum. It could also reflect a week where market conditions favored defending the stock price over adding to the treasury. Bitmine’s own disclosures do not distinguish between those explanations, and the piece should not assume one over the other without further evidence.

Whether Bitmine’s next weekly disclosure shows a return to its earlier pace or confirms this week’s slower addition as a genuine shift toward buybacks is the specific, dateable test that will clarify which read is correct.