Ethereum Price Forecast: ETH drops below $2,600 as Tom Lee says BitMine will end buying spree
Ethereum (ETH) dropped below $2,600, testing $2,548 support. BitMine Chairman Tom Lee said the company will stop buying ETH once it reaches 5% of circulating supply, about 100,000 ETH away. BitMine holds 6.016 million ETH, with 5.067 million staked. US ETH ETFs saw $202 million outflows, coinciding with a 5% ETH price drop and $252 million in futures liquidations.
How this was made
The 30-second read
Why it matters
The announced cessation of buying removes a key demand driver, likely pressuring ETH lower in the near term.
Market read
The news directly affects ETH price dynamics and may influence crypto market sentiment and related trading strategies.
What to watch
Potential offset from other institutional buyers or ETF inflows could mitigate the impact of BitMine's reduced buying.
Background
BitMine, a prominent crypto treasury firm, has been accumulating ETH since mid‑2025, reaching roughly 4.9% of circulating supply.
Ticker impact
BitMine announced it will halt its weekly ETH accumulation once it reaches a 5% supply threshold, about 100,000 ETH away, likely within two months.
likely downward pressure as buying demand wanes
BitMine's buying has been a notable source of ETH demand; its planned halt is a concrete catalyst affecting price.
Market effects
Reduced institutional demand may affect broader crypto market sentiment.
Global, as ETH is a worldwide asset.
High relevance for crypto traders and funds tracking ETH exposure.
Counterpoint
If BitMine's halt leads to lower short-term demand, long-term holders may view the price dip as a buying opportunity.
Key entities
- CompanyBitMine Immersion
Crypto treasury firm accumulating ETH.
- PersonThomas Lee
Chairman of BitMine, providing the announcement.
