Ethereum Surges 27% as Institutional Demand Outpaces Bitcoin, BitMine Now Holds 4.8% of All ETH

Ethereum Leads With 27% Monthly Gain

Ethereum has surged 27% over the past month, reaching its highest level in 55 days near $1,980, according to Coinpedia. The rally has been driven by a wave of institutional buying that is now outpacing Bitcoin. Spot Ethereum ETFs recorded roughly $104 million in net inflows last week, marking their third straight week of positive inflows, while Bitcoin ETFs saw only $33 million over the same period.

Data from Lookonchain, cited by Coinpedia, shows that three newly created wallets believed to belong to a single entity accumulated 25,425 ETH worth approximately $50 million at an average price near $1,968. The whale accumulation signals that sophisticated investors are positioning ahead of a potential trend reversal rather than reacting to short-term momentum, the report noted.

BitMine Nears 5% of Ethereum Supply

BitMine Immersion Technologies, led by chairman Tom Lee, added 9,946 ETH over the past week, bringing its total holdings to 5,787,414 ETH. The company now holds roughly 4.8% of Ethereum's circulating supply of 120.7 million, making it one of the largest institutional holders of ETH. BitMine has staked 4,917,189 ETH, representing about 85% of its total holdings, according to Coinpedia.

BitMine's total crypto, cash, marketable securities, and other investments have now reached $11.8 billion.

The firm's Series A Preferred Stock trades on the NYSE under the symbol BMNP, and BitMine was added to the Russell 1000 Large-cap index on June 26, 2026, as reported by Crypto Daily. The company is 96% of the way toward its goal of acquiring 5% of all Ethereum in just 13 months.

ETH/BTC Ratio Turns Higher as Ethereum Outperforms

Ethereum is gaining ground against Bitcoin, with the ETH/BTC pair climbing toward 0.030 after breaking above a falling channel that had kept ETH weaker than BTC for months, Coinpedia reported. During a recent market selloff triggered by news that a Chinese state-backed company broke ASML's lithography monopoly, Ethereum posted a 2.3% gain over 24 hours, while Bitcoin managed only 0.2%, according to Crypto Briefing.

The ETH/BTC ratio has been trending higher for a full month. Crypto Briefing noted that ETH outperforming BTC during periods of macro stress is not the historical norm, as Bitcoin typically serves as the relative safe haven within crypto. When ETH gains against BTC during a fearful market, it usually signals a structural shift in capital allocation.

Strategy Holds Steady With 843,775 BTC

On the Bitcoin side, Strategy (formerly MicroStrategy) has increased its USD reserve by $525 million, raising total cash reserves to $3.75 billion and extending dividend coverage to 2.1 years, per Coinpedia. As of July 26, 2026, the company held 843,775 BTC in its Bitcoin Reserve with no change in its holdings. The larger cash reserve strengthens Strategy's liquidity position while supporting its preferred stock dividend commitments.

Bitcoin Mining Faces Profitability Squeeze

Bitcoin's mining sector is under significant pressure. EMCD, a global crypto-fintech platform and one of the world's largest Bitcoin mining pools, announced a Miner Support Program providing up to $30 million in financing, fee relief, and partner benefits, as reported by Crypto Daily. The program launches as Bitcoin's hashprice has declined to approximately $28 per PH per day, a 50% drop from its October 2025 peak and an all-time post-halving low, per CoinShares Q1 2026 data cited in the announcement.

An estimated 252 EH/s of hashrate has been taken offline as operators running older-generation hardware found margins no longer viable, according to Hashrate Index data. Three consecutive negative difficulty adjustments, the first such streak since July 2022, signal broad capitulation across the sector.

Market Sentiment Remains Cautious

The Fear and Greed Index sat at 30 on Monday, firmly in fear territory, Crypto Briefing reported. Bitcoin slipped below $64,600 during the recent macro selloff, though ETH held near $1,930 and has since pushed higher. The broader crypto market remains risk-sensitive, with the correlation between BTC and the Nasdaq remaining high throughout 2024 and into 2025.

Ethereum's chart structure has formed a sequence of higher lows, indicating steady accumulation. According to Coinpedia's price analysis, a decisive daily close above $2,000 would confirm a breakout and open the door toward the next major resistance between $2,180 and $2,250, where the 200-day EMA and a significant supply zone converge. The June high at $2,156 represents the next key target on the weekly chart, with a clean break above that level potentially opening the door toward $2,461.