- Tom Lee’s BitMine has staked another 160,480 ETH worth approximately $248.7 million, bringing its total stake holding to 4.88M ETH worth ~$7.56 million.
- BitMine is set to join the Russell 1000 Index on June 26, exposing its shares to automatic purchases by index-tracking funds and ETFs.
- The Ethereum coin price seeks support at the bottom trendline of a long-coming falling wedge pattern near the $1,500 demand zone.
ETH, the native cryptocurrency of smart contract giant Ethereum, dropped to an intraday low of $1,508 on Friday, before reverting to $1,560 with a long-wick rejection. The initial selling pressure followed Bitcoin’s lead, as its price plunged to the lowest level in over 21 months near $58,000. However, the rebound in Ethereum price can be linked to institutional conviction as Bitmine Immersion Technologies staked an additional 160,480 ETH ahead of its Russell 1000 debut.
BitMine Stakes $248M ETH Despite Ethereum ETF Outflow Pressure
This week, the Ethereum coin witnessed a continued correction with its price dropping from $1,726 to $1,556, registering a loss of 9.83%. Similarly, ETH market capitalization plummeted to $187.4 billion.
The downside trajectory accelerated with geopolitical uncertainty and Bitcoin’s weakness, which repeatedly showcased a breakdown attempt below the $60,000 level. In addition, the U.S.-based spot exchange-traded fund (ETF) recorded a streak of six-day outflows, significantly contributing to the downside momentum. Just yesterday, these ETFs witnessed a net daily outflow of $81.87 million. A sustained capital flight from U.S. spot Ethereum ETFs reflects weakened institutional confidence and creates a supply-demand imbalance.
Despite the price correction and ETF outflow, the largest corporate Ethereum treasury, BitMine, shows strong conviction in ETH’s underlying value. According to blockchain tracker Arkham Intelligence, Tom Lee’s BitMine has staked an additional 160,480 ETH ($248.7 million), increasing its total staked holdings to 4.88 million ETH ($7.56 billion).
This represents 86% of the company’s total ETH holdings, marking one of the largest institutional Ethereum staking commitments in history. Staking such a massive portion of its ETH demonstrates deep conviction in Ethereum’s long-term value while significantly reducing liquid supply in the market.
In addition, BitMine (BMNR) is set to enter the Russell 1000 Index today. According to a June 22 report, the company holds 5.673 million ETH and $601 million in cash and marketable securities, $350 million in preferred BMNP holdings, and no debt. Stake activities contribute to the company’s annualized revenue of $233 million.
The Russell 1000 is trailed by index funds and ETFs that make up 20%-25% of the total market cap of the index’s holdings. These vehicles are required to purchase BMNR shares to align with the index composition
This development is expected to drive automatic buying from passive investors. The stock activity should help BitMine to secure better terms for capital acquisition, potentially buy more ETH for staking, and balance its per-share exposure. The move mirrors Strategy’s Bitcoin playbook, but with the addition of staking returns.
Ethereum Price Nearing the Apex of Major Reversal Pattern
Despite an intense intraday sell-off in the broader crypto market, the Ethereum coin price shows a sharp rebound from the $1,500 support zone, currently trading at $1,560. Interestingly, the bottom demand pressure has emerged from the support trendline of a falling wedge pattern in the daily chart.
Since October 2025, the ETH price has resonated between two converging trendlines, which have offered dynamic resistance and support to market participants. So far, each retest of the bottom support trendline has renewed the buying pressure in the Ethereum price prediction.
If history repeats, the coin price could rebound roughly 10% again and retest the pattern’s resistance trendline at $1,711. A price breakout from either side of the wedge structure would determine the short-to-mid-term trajectory of Ethereum coin price.
Currently, the key overhead resistance lies at $1,810 and $2,163, while the immediate supports are $1,388, followed by $1,236.
