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Ether (ETH) is trading at $1,588 on June 30, down 1.39% over the past 24 hours, per TradingView data.
ETH’s price remains below $1,600 for a sixth consecutive session, holding just above the multi-week low near $1,510-$1,551 set during last week’s flash crash. The consolidation arrives as two of Ether’s largest corporate treasury holders both crossed significant institutional milestones on the same day, reinforcing a now-familiar divergence between spot price weakness and corporate accumulation.
Bitmine reported ETH holdings of 5.70 million tokens as of June 29, representing 4.7% of the total ETH supply of 120.7 million and putting the company 94% of the way to its self-declared “Alchemy of 5%” target in just 11 months. Total crypto and cash holdings reached $9.8 billion.
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BitMine provided its latest holdings update for June 29, 2026$9.8 billion in total crypto + "moonshots":
– 5,700,010 ETH at $1,569 per ETH per ETH (per @coinbase)
– 206 Bitcoin (BTC)
– $180 million stake in Beast Industries @MrBeast
– $74 million stake in Eightco Holdings…— Bitmine (NYSE-BMNR) $ETH (@BitMNR) June 29, 2026
The company’s accumulation has not paused at any point during June’s decline. Bitmine added 76,881 ETH in the week ended June 14 and a further 52,203 ETH the following week, continuing a steady purchase cadence even as ETH fell to its lowest levels of the year.
Bitmine remains the world’s largest corporate holder of ETH and operates the largest single ETH staking entity through its MAVAN (Made in America VAlidator Network) program.
SharpLink officially joined the Russell 2000 and Russell 3000 indexes on June 29, a milestone expected to increase institutional demand for SBET shares as index funds benchmarked to either gauge are mechanically required to hold it. SharpLink is now the second-largest ETH treasury company in the world, behind only Bitmine.
JUST IN: SharpLink $SBET officially joins the Russell 2000 and Russell 3000 Indexes today, which is expected to increase institutional demand.
2nd-largest ETH treasury company in the world 🔥 pic.twitter.com/cTtoXs6AgZ
— BitcoinTreasuries.NET (@BTCtreasuries) June 29, 2026
The index inclusion follows a sharp reversal in SharpLink’s own buying behavior.
After an eight-month pause, the company bought a combined 39,196 ETH ($62.4 million) over four days between June 25 and June 28, pushing total holdings to 876,285 ETH at an average cost of $3,609, resulting in an unrealized loss of approximately $1.71 billion at current prices.
SharpLink CEO Joseph Chalom has previously identified three catalysts he expects to drive ETH higher: passage of the CLARITY Act, a broader return of market risk appetite, and cooling concerns about AI infrastructure spending.
NEWS: SharpLink bought a total of 39,196 $ETH worth $62.4M over the past 4 days, as per Lookonchain. pic.twitter.com/Yr374ZT2oI
— CoinGecko (@coingecko) June 29, 2026
Both Bitmine and SharpLink are anchor funders of EthLabs, the independent Ethereum research nonprofit launched June 22 by former Ethereum Foundation researchers, tying their treasury conviction to direct protocol-level investment rather than passive holding alone. That dual commitment, fresh accumulation alongside research funding, signals a longer time horizon than the current price action might suggest.
The daily ETH/USD chart and technical data from TradingView show that the Hull moving average at $1,574.62 is the only moving average (MA) below the current price, and it shows an upward signal. Every other tracked average sits above the price and shows a downward signal.
The relative strength index (RSI) reads 35.72, recovering from deeper oversold territory but still below the neutral 40-50 band.
The average directional index (ADX) reads 31.40, indicating a moderate but fading trend following the sharp directional move of the prior week.
The moving average convergence/divergence (MACD) at -74.57 shows an upward signal, narrowing toward the zero line even as price remains compressed below $1,600.
Several oscillators, including the Commodity Channel Index (CCI) at -85.88, Williams Percent Range at -73.74, and Bull Bear Power at -75.91, remain in negative territory, consistent with a market still working off the June flash crash even as the price stabilizes.
The Stochastic %K at 24.84 and Stochastic RSI Fast at 33.76 likewise sit below neutral, though both have lifted off their lows.
Immediate support sits at the multi-week low near $1,510-$1,551, the deepest test of the year. The Hull MA at $1,574.62 is the first level to be reclaimed; holding above it on a daily closing basis would mark the first structural footing since the flash crash.
The 10-day exponential moving average (EMA) at $1,617.98 and the 20-day EMA at $1,668.87 form the next resistance cluster that would need to be cleared for a fuller reversal of the recent decline.
The Russell inclusion and Bitmine’s holdings update are both date-certain, verifiable demand signals that landed in the same week as ETH tests the lower boundary of its multi-week range. Neither resolves the technical question of whether the current support zone holds or gets retested. Still, both reinforce that the largest corporate holders are treating this price level as accumulation territory rather than a reason to step back.
The broader pattern through June has been consistent: institutional and corporate buyers stepping in during periods of sharp price weakness, even as exchange-traded fund flows and short-term sentiment remain soft.
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