Bitmine’s $963M ETH Grab Defies ETF Exodus as Prices Eye $6000

Ethereum ETFs had their worst week on record from September 22–26, 2025, with $795.8 million in outflows over five straight trading sessions—exceeding the previous record of $787.7 million. With the greatest single-day outflow of $248.4 million on Fidelity's FETH ($362 million) and BlackRock's ETHA (over $200 million), big funds experienced major redemptions. Driven by Ethereum's price falling under $4,000 to $3,750, causing $309 million in liquidations on September 26. On September 29, however, the trend turned dramatically as Ethereum ETFs reported $546.9 million in inflows, surpassing Bitcoin ETF inflows and pointing to a strong recovery.

Bitmine Immersion Technologies aggressively increased its Ethereum treasury amid ETF outflows, buying 234,846 ETH valued at $963 million, thereby bringing its overall holdings to 2.65 million. Over 2% of Ethereum's circulating supply, or ETH at $10.8 billion. Holding 5% of all ETH under Bitmine's "Alchemy of 5%" strategy, with its wider portfolio including 192 BTC and $436 million reaching $11.6 billion, cash shows a brave contrary behavior during market decline.

ETHUSD trades slightly above $4000 despite massive ETH ETF outflows. It hit an intraday high of $4248 and is currently trading around $4147. Overall trend remains bullish as long as support $3500 remains intact. Watch out for $4375, any break above targets $4500/$4770/$5000/$5428/$6000. The pair holds above 55 and 365 4H EMA and below 200 4H EMA ($4274), confirming a mixed trend.

Immediate support is around $4000. Any violation below will drag the price down to $3700/$3550/$3500/$3380/$3200/$3000. A breach below $3000 could see Ethereum plummet to $2770/$2500.

It is good to buy on dips around $4000 with SL around $3500 for a TP of $5000/$6000.