Ethereum under pressure: BitMine remains the only buyer!

Ethereum under pressure: BitMine remains the only buyer!

The Ethereum market is currently facing a noticeable decline in institutional demand, as Matrix port reported. Over the past few weeks, the price of Ethereum (ETH) has remained below $3,800 while the only significant buyers identified are BitMine. This is an important signal of the current market situation, which is weighed down by ETF outflows and declining interest.

ETH ETF performance was weak in October, with inflows falling from $5.2 billion in July to just $300 million in September. Despite a slight recovery with $600 million in inflows in October, ETFs failed to make a significant contribution to stabilizing the price. As of October 31, nine ETH ETFs recorded a total of $98.2 million in daily net outflows, further highlighting the tense situation.

BitMine as the main player

BitMine has added a remarkable amount of 662,169 ETH in the last 30 days, totaling 3.1 million ETH. This represents nearly 3% of the total ETH supply. BitMine's last purchase, which took place on October 27, was 77,055 ETH, worth $285 million. These purchases could be crucial to market movements as institutional buyers become increasingly cautious.

Matrixport analysts raise concerns about possible further consolidation and a deeper correction for Ethereum. In particular, the Relative Strength Index (RSI), currently at 26.45, indicates oversold conditions. Support is found in the $3,700-$3,680 area; A break below could push the price as high as $3,500.

Market forecasts and possible recoveries

Ethereum’s current price is around $3,714, below the 30-day moving average of $3,847. However, some indicators point to a potential short-term rebound provided support at $3,700 holds. A rise above the 30-day MA line at $3,850 could signal a short-term trend reversal. Ethereum’s Fusaka upgrade, announced for December 3, 2025, could also spark new interest and engagement in the market.