Ethereum has fallen another 7% this week, extending its monthly losses to nearly 22%, now trading at around $1,587.
In a recent press release, Tom Lee said that the decline in Ethereum price is largely driven by “window dressing,” a quarter-end strategy where fund managers reduce exposure to assets that have performed poorly before the quarter ends. “This past week was a challenging one for crypto investors as ETH fell by 7%,” he said, noting that such selling is common as institutional investors rebalance portfolios before quarterly reporting.
Despite the price fall, Bitmine is continuing its ETH accumulation. Last week, the company purchased another 27,084 ETH, increasing its total holdings to 5,700,040 ETH, valued at nearly $9 billion. That represents roughly 4.7% of Ethereum’s circulating supply, putting Bitmine just 0.3% away from its long-term goal of owning 5% of all ETH.
Lee remains confident that Ethereum’s long-term outlook is improving despite the current price weakness. “We’re in a period where price is lagging fundamentals.” “Ethereum has gained additional assets.”
Ethereum has fallen 7% this week and nearly 22% over the past month, compared with Bitcoin’s 19% decline over the same period. The current price is around $1,587, and the market is watching key support levels.
Crypto analyst Ali Martinez reported that Ethereum whales sold nearly 550,000 ETH, worth around $880 million, over the past week. This selling pressured ETH below the important $1,633 support level, and the token is now testing support around $1,583. If buyers fail to defend that level, Martinez sees the next major demand zones near $1,237 and $1,089.
Bitmine’s accumulation near 4.7% of Ethereum’s circulating supply signals a steady push toward its 5% target, leaving only about 0.3 percentage points to reach that goal. Such accumulation could influence market dynamics as institutional players continue to weigh Ethereum’s role in blockchain infrastructure and AI-powered payment systems.
Ali Martinez’s note on whale selling underscores ongoing price pressure and the fragility of short-term support levels, while the analyst’s projection highlights potential zones of demand if the price cannot hold key thresholds.
