The week of June 4-10 delivered Ethereum’s lowest weekly close since mid-2024, a viral false narrative about Vitalik Buterin selling $170M in ETH, and the most analytically significant institutional flow data of the current bear leg. The price fell. The underlying supply-and-demand picture shifted.
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The weekly OHLC reads: open $1,689.59, high $1,713.59, low $1,605.98, close $1,619.27, down 4.16% on the week, as per the weekly ETH/USD chart on TradingView. The low of $1,605.98 tested the dotted support band on the weekly chart between approximately $1,550 and $1,650, a zone that absorbed two consecutive tests without a confirmed close below $1,600.
The ETH/BTC ratio ended the week near 0.026, matching levels last seen in March 2016, per data shared by quantitative analyst PlanB (@100trillionUSD) on June 7.
Not to bash ETH and correct me if I am wrong, but IMO this ETH/BTC chart is remarkable and has important insights:
– ETH has done worse than bitcoin over last 10 years!! Still at 0.026 BTC, like March 2016.
– No ETH bull market pump in 2023/2024, like it did in 2017 and 2021… pic.twitter.com/JOVOQVAWy0— PlanB (@100trillionUSD) June 7, 2026
Between June 4 and June 7, CryptoQuant data shows exchange reserves across Binance, OKX, Gemini, and Bitfinex fell by a combined 475,000 ETH. Binance alone shed 190,000 ETH.
The synchronization across four venues during the exact window ETH tested at $1,520 is of a different order of magnitude from routine custody migration.
Two on-chain noise events ran alongside each other: a viral claim that Vitalik Buterin dumped $170M in ETH was confirmed as a DeFi collateral move, and a dormant wallet linked to co-founder Joseph Lubin moved 80,000 ETH ($122M). Neither represented net selling pressure.
ppl do crazy stuff just to farm elon bucks
like this clown who claimed vitalik dumped 110K $ETH, complete with a theory of his own (even slapped vitalik pic on the wallet address)
when in reality it was ethereum co-founder joseph who supplied that ETH to adjust his liquidation… pic.twitter.com/ND7rlry8SX
— Naeven (@Naeven_0) June 8, 2026
Bitmine added 126,971 ETH in the week of June 1-7, its largest single-week purchase since December 2025, bringing total holdings to 5,543,872 ETH (4.59% of supply), per its June 8 filing.
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BitMine provided its latest holdings update for June 8, 2026$9.6 billion in total crypto + "moonshots":
– 5,543,872 ETH at $1,630 per ETH per ETH (per@coinbase)
– 203 Bitcoin (BTC)
– $200 million stake in Beast Industries @MrBeast
– $88 million stake in…— Bitmine (NYSE-BMNR) $ETH (@BitMNR) June 8, 2026
The buying continued into June 9: Lookonchain reported that Bitmine withdrew 25,000 ETH ($42.03M) from Kraken, as per their X post, then acquired a further 75,000 ETH ($123M) from Kraken and FalconX over an eight-hour window, routed into three wallets, two of which were freshly created. Bitmine’s total accumulation on June 9 alone reached 100,000 ETH ($165M), per Lookonchain.
US spot Ethereum ETFs recorded $19.3M in net inflows on June 5, ending a 17-consecutive-day outflow streak, the longest on record since launch in 2024. BlackRock’s ETHA drove the entire inflow. The June 8 follow-through reached $82.37M, the same session Bitcoin ETFs bled $91.37M, pointing to a deliberate institutional reallocation at cycle lows.
Total value secured (TVS) across all Ethereum L2s exceeds $38 billion across 73 active rollups, per L2Beat. Arbitrum leads with approximately $16.2B in TVS, followed by Base at $10.8B, together accounting for 71% of all L2 liquidity. No major L2-specific protocol events occurred during the week.
Data from Hildobby’s Dune Analytics dashboard shows 39.5M ETH staked, representing 31.71% of total supply, across over 1.2 million active validators.
Bitmine’s MAVAN operation holds 4,718,677 ETH staked, generating projected annualized revenues of $230M at current rates, the largest single staking entity in the world.
The Glamsterdam multi-client devnet is running following the Soldøgn interop devnet’s conclusion on May 2. Public testnets on Sepolia and Hoodi are the next milestone before any mainnet date is confirmed.
EIP-7732 (Enshrined Proposer-Builder Separation) and EIP-7928 (Block-Level Access Lists) cleared devnet-6 parameterization this week. EIP-8037, which raises gas costs for state creation to limit state bloat, reached final draft status in the bal-devnet-6 test network. No mainnet activation date has been set as of June 10.
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