TLDR
- Ethereum trades near $2,665, down 1.53% as US-Iran tensions weigh on risk assets
- BitMine’s ETH holdings surpass 6 million, worth $16.08 billion, after buying 17,362 ETH last week
- Ethereum ETFs recorded $689.8 million in weekly inflows despite the price drop
- Vitalik Buterin says the 2027 Hegota upgrade will be Ethereum’s last “normal” fork before a shift to quantum-safe tech
- Altcoin inflows rose 45% to $371 billion, but analysts warn the rally may be losing steam
Ethereum (ETH) is trading at $2,665, down 1.53% on September 28.
The drop follows stalled talks between the US and Iran. President Trump rejected Iran’s 7-day ceasefire proposal over the weekend.
The US 10-Year Treasury yield climbed above 5.26% as oil prices rose. Risk assets, including crypto, weakened as a result.
Ethereum treasury firm BitMine Immersion Technologies added 17,362 ETH last week. The purchase pushed its total holdings above 6 million ETH.
That stash is worth $16.08 billion at current prices. It represents 4.9% of Ethereum’s total supply.
BitMine Chairman Thomas Lee called the milestone a “tremendous achievement,” noting the firm built the position in under 15 months.
Lee said institutions remain underweight on crypto. He expects more buying in the final months of 2026 as ETH continues to outperform other macro assets.
BitMine also holds 213 Bitcoin, a $180 million stake in Beast Industries, and a $115 million stake in Eightco Holdings. The firm reported $672 million in cash and marketable securities.
BitMine’s stock, BMNR, traded at $27.20, down 1% on the day.
ETH ETFs Keep Pulling In Cash
Ethereum ETFs posted $689.8 million in net inflows last week, according to SoSoValue data. That followed six straight days of inflows into the funds.
The inflows came even as ETH slipped below the $2,700 support level during the same period.
Altcoin Rally Raises Caution Flags
Data from CryptoQuant shows altcoin inflows have risen 45% over the past few months, topping $371 billion.
Analyst Darkfost said 87% of altcoins on Binance are showing bullish momentum. Darkfost added that the RSI for the total altcoin market cap is showing a bearish divergence, meaning the rally could be losing steam.
On the charts, analyst Ali Charts said Ethereum is forming a bull flag on lower timeframes. Ali Charts wrote that as long as $2,640 holds as support, the setup favors buyers, adding that an hourly close above $2,700 could confirm a breakout and open the door toward $3,000.
ETHEREUM READY TO BREAK OUT$ETH appears to be forming a bull flag on the lower timeframes. As long as $2,640 continues to hold as support, the setup favors the bulls.
Now I’m watching $2,700.
An hourly close above that level could confirm the breakout and open the door to… https://t.co/qU9lyw2FVa pic.twitter.com/KqBIVYyGNC
— Ali Charts (@alicharts) September 28, 2026
Ethereum also flashed a buy signal on the four-hour chart after the RSI line crossed above its signal line near the $2,703 resistance level.
A daily close above $2,703 could push ETH toward $2,800. That move depends on whether markets fully price in the effect of rising oil prices on risk assets.
Separately, Ethereum founder Vitalik Buterin said the 2027 Hegota upgrade will be the network’s last “normal fork.” Buterin said upgrades after Hegota will bring recursive STARKs, automated formal verification, and quantum-safe consensus.
Buterin’s plan aims to make Ethereum fully quantum-resistant by the end of 2029, with Hegota serving as the first test of that shift.
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