Ethereum Price Disappoints: Bitmine Fails to Offset ETF Exodus

Ethereum price climbed 2.5% over 24 hours to just under $2,450, but remained below the $2,500 level as U.S. spot ETFs recorded nearly $389 million in cumulative net outflows over five trading sessions. The rebound puts ETH within striking distance of $2,500, although the token remains down 2.0% over seven days, 6.0% over 14 days and 8.9% over 30 days.

Meanwhile, Bitmine Immersion Technologies continued accumulating ETH, adding 12,535 tokens last week. Its holdings reached 6.04 million ETH, highlighting a growing divergence between corporate treasury demand and withdrawals from regulated investment products.

Ethereum trading activity remains substantial, with 24-hour volume closing at $13 billion and perpetual futures open interest at $44.6 billion. These figures suggest an active derivatives market, although open interest alone does not reveal if people are bullish or bearish.

The $2,500 level is still the psychological threshold to watch. A sustained break above it could strengthen the recovery narrative, particularly if spot demand improves. Failure to clear that level could leave ETH vulnerable to another pullback.

On the downside, the $2,380 area represents an immediate reference point because it is close to the reported 24-hour low. A decisive move below that level would weaken the short-term recovery setup.

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Bitmine reported holding approximately 6.04 million ETH as of October 18 after purchasing another 12,535 tokens during the preceding week, according to its latest press release.

The company valued its Ethereum holdings at $14.3 billion using its reported price of $2,365 per ETH. Its position now represents 4.9% of Ethereum’s circulating supply, bringing it close to its stated target of accumulating 5%.

Bitmine also disclosed that more than 5.06 million ETH was staked through its MAVAN platform and staking partners, representing approximately 84% of its reported holdings. This accumulation provides evidence of continued corporate demand for Ethereum despite recent market weakness.

Ethereum’s short-term outlook now depends on the latest rebound, if it can extend beyond the $2,470 area and establish a sustained move above $2,500. A convincing break above $2,500 could open the way toward higher resistance levels, with improving spot volume and ETF flows providing additional confirmation. Such a move would suggest that buyers are gaining control after the recent decline.

However, the broader trend remains weak. ETH is still down across the seven-day, 14-day, and 30-day periods, despite its latest daily recovery.

If the price fails to break $2,500 and retreats below $2,380, traders could turn their attention toward the $2,300 area. Continued ETF outflows would add to the challenge facing buyers, although flows alone cannot determine the next price move.

For now, ETH is rebounding but has yet to clear $2,500. A sustained breakout accompanied by stronger demand would improve the bullish case, while another rejection and a move below $2,380 could put the recovery at risk.

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