- Ethereum tests $1,824 as BitMine Immersion adds 51,162 ETH worth $98M, pushing total holdings to 4.42M ETH or 3.66% of supply.
- Open interest drops 2.15% to $23.40B as ETF outflows reach $49.48M on February 23, extending institutional selling pressure.
- BitMine’s $16.4B ETH treasury now worth $8.2B, leaving $8B+ unrealized losses as price breaks below ascending trendline support.
Ethereum price today trades near $1,824, down 0.35% in the past 4 hours as the token breaks below critical ascending trendline support. The move comes as BitMine Immersion Technologies continues aggressive accumulation despite sitting on over $8 billion in unrealized losses, while Ethereum spot ETFs recorded $49.48 million in net outflows.
ETF Outflows Hit $49.48M As Institutional Selling Continues
According to SoSoValue data, Ethereum spot ETFs recorded $49.48 million in net outflows on February 23, extending the pattern of institutional selling. Cumulative total net inflow stands at $11.48 billion, with total net assets at $10.46 billion, representing 4.66% of Ethereum’s market cap.
BlackRock’s ETHA recorded $45.38 million in outflows, leading the selling pressure. Grayscale’s ETHE saw zero flows, while other ETFs showed minimal activity. The daily total value traded reached $724.49 million, indicating reduced participation alongside declining price.
ETH Derivative Analysis (Source: Coinglass)Open interest dropped 2.15% to $23.40 billion, while volume surged 42.19% to $50.17 billion. The combination of rising volume and declining open interest typically indicates forced liquidations rather than organic selling. Options volume jumped 58.55% to $1.24 billion, with options open interest rising 3.06% to $6.44 billion.
Price Breaks Below Ascending Trendline Support
ETH Price Dynamics (Source: TradingView)The 4-hour chart shows Ethereum breaking below the ascending trendline that has provided support since the February 11 low near $1,588. Bollinger Bands show the middle band at $1,927, with the upper band at $2,037 and lower band at $1,818. Supertrend sits at $1,941, confirming bearish momentum.
The chart shows:
- Clean breakdown below ascending trendline support
- Bollinger Band lower support at $1,818 under pressure
- Supertrend bearish at $1,941
- $1,818 as critical support before retesting February lows
Ethereum dropped from above $4,300 in December to a low of $1,588 in February, marking a 63% correction. The current consolidation near $1,824 is testing whether the February low holds or if the combination of ETF outflows, BitMine losses, and tariff uncertainty triggers another leg lower.
A 4-hour close above $1,927 would reclaim the Bollinger middle band and place $1,941 Supertrend back in range. Breaking below $1,818 would expose the $1,588 February low and potentially Bitwise analyst Max Shannon’s $1,500 target.
BitMine Adds $98M ETH But Losses Exceed $8 Billion
BitMine Immersion Technologies purchased 51,162 ether last week, approximately $98 million at current prices, bringing total holdings to over 4.42 million tokens as of February 22. The firm now controls 3.66% of Ethereum’s total supply, making it one of the largest single holders outside of exchanges and the Beacon deposit contract.
The company has spent an estimated $16.4 billion building its Ethereum treasury, which is now worth roughly $8.2 billion at current prices. This leaves BitMine with more than $8 billion in unrealized losses amid the market downturn. The firm said it is generating approximately $171 million in annualized revenue by staking over 3 million of its ETH holdings.
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“In the midst of this ‘mini crypto winter,’ our focus continues to be on methodically executing our treasury strategy and steadily acquiring ETH and in turn, optimizing the yield on our holdings,” BitMine chairman Thomas Lee said. BMNR stock is down 2% in pre-market trading and lower by about 60% over the past six months.
The continued buying despite massive unrealized losses represents conviction that current prices represent a long-term opportunity. However, the strategy has faced criticism as ETH has dropped over 60% from highs, with no signs of a bottom despite BitMine’s relentless accumulation.
Outlook: Will Ethereum Go Up?
The next move depends on whether ETH can hold $1,818 and reclaim $1,927.
- Bullish case: A hold above $1,818 with a close above $1,927 would flip the Bollinger middle band and place $2,000 back in range as BitMine accumulation continues providing support.
- Bearish case: A breakdown below $1,818 exposes $1,588, with further downside toward Shannon’s $1,500 target if ETF outflows persist. Losing $1,818 confirms the ascending trendline breakdown.
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Source: https://coinedition.com/ethereum-price-prediction-is-1500-next-as-institutional-flows-turn-negative/
