- Bitmine now holds over 4.97M ETH, nearing its 5% supply target.
- Ethereum is testing a key on-chain level that could trigger a rally.
- XRP faces continued selling pressure from rising exchange reserves and whale inflows.
The crypto market is showing mixed signals as institutional accumulation strengthens around Ethereum, while XRP struggles to maintain upward momentum. Fresh data highlights a sharp contrast between aggressive treasury expansion and fragile market structure, raising questions about where the next decisive moves will come from.
Bitmine Accelerates Ethereum Accumulation
Bitmine, now the largest Ethereum treasury firm globally, has expanded its holdings to nearly 4.97 million ETH—roughly 4.12% of the circulating supply. The company is closing in on its long-term goal of controlling 5% of total ETH, which would require approximately 6 million coins.
Recent buying activity underscores a clear acceleration. The firm acquired over 101,000 ETH in the past week alone, marking its largest single purchase since late 2025. This follows steady accumulation through March and early April, signaling growing confidence among institutional players.
Bitmine chairman Tom Lee suggests the current market phase may be nearing a turning point. According to Lee, Ethereum appears to be exiting what he describes as a “mini crypto winter,” supported by improving macro conditions and reduced geopolitical risks.
Ethereum Tests Critical On-Chain Support
Price action reflects this cautious optimism. Ethereum has rebounded significantly from its early February lows, though it has recently pulled back slightly after reaching a yearly high.
On-chain indicators point to a critical moment. ETH is attempting to reclaim its realized price—an important level representing the average cost basis of holders. Historically, holding this level as support has preceded strong upward moves. Failure to do so, however, could expose the asset to deeper corrections.
This makes the current price zone a key battleground for bulls and bears, with broader market sentiment likely to hinge on whether Ethereum can sustain momentum above this threshold.
XRP Struggles Under Mounting Sell Pressure
In contrast, XRP’s outlook appears more uncertain. Despite occasional price upticks, underlying metrics suggest persistent selling pressure.
Exchange reserves have remained elevated even as prices declined, indicating that more tokens are readily available for sale. This trend differs from earlier cycles, where falling prices were often accompanied by declining reserves.
Adding to the concern, large holders—or whales—have been increasingly moving XRP onto exchanges. These inflows typically signal potential distribution, making sustained rallies harder to achieve.
Technical indicators show mild recovery signals, but momentum remains weak. Unless XRP can firmly break above the $1.50–$1.55 range, upward moves may continue to fade under supply pressure.
Also Read: Bitmine Joins NYSE With $4B Buyback—What It Means for Ethereum Investors
The divergence between Ethereum’s institutional accumulation and XRP’s supply overhang reflects a broader market split. While ETH may be positioning for recovery, XRP still faces structural hurdles that could limit near-term gains.
Investors are now watching closely: can Ethereum confirm a breakout, and will XRP overcome its selling pressure? The answers could shape the next phase of the crypto cycle.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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