TLDR
- ETH is trading near $2,540 after recovering the $2,500 level
- BitMine bought 27,180 ETH last week, bringing its total to 5.95 million ETH
- US spot ETH ETFs pulled in $197.1 million in net inflows while BTC ETFs saw $462.7 million in outflows
- A procedural vote on the Clarity Act is scheduled for Tuesday, which could boost DeFi adoption on Ethereum
- ETH’s 50- and 200-day EMAs are close to posting a golden cross, a bullish technical signal
Ethereum is trading around $2,540 on Monday, holding above the key $2,500 level after a steady recovery over recent days.
Digital asset firm BitMine Immersion (BMNR) bought 27,180 ETH last week alone. That brings its total stack to 5.95 million ETH, equal to roughly 4.9% of the entire circulating supply of 122 million ETH.
BitMine Buys 27,180 ETH, Bringing Holdings to 5.96M ETH
BitMine said it acquired 27,180 ETH over the past week, bringing its total holdings to 5.96 million ETH as of September 13. The position represents about 4.9% of Ethereum’s 122 million ETH supply, putting the company 98%… pic.twitter.com/r5oLTgiA9T
— Wu Blockchain (@WuBlockchain) September 14, 2026
BitMine is also staking 5.067 million ETH through its Made in America Validator Network (MAVN). The company projects that staking position will earn $334 million in annualized revenue.
Crypto mining chipmaker Canaan took the opposite approach. It sold its entire 3,952 ETH position, along with 54 BTC, for $13.9 million. Canaan sold at an average of $2,400 per ETH and used the proceeds to buy back 13.6 million of its own American Depositary Shares.
Santiment Intelligence flagged a key supply shift on exchanges. The data firm noted that ETH on exchanges has dropped to 6.06 million, down from 22.9 million at the June 2020 peak — a 73% decline. Santiment pointed out that less exchange supply means fewer coins near order books, which can amplify price moves when buying pressure picks up.
ETF Inflows and Institutional Positioning
US spot ETH ETFs pulled in $197.1 million in net inflows last week, while BTC ETFs saw $462.7 million in net outflows, according to SoSoValue data.
Spot Bitcoin ETFs Saw $463 Million in Net Outflows Last Week, Ending a Three-Week Inflow Streak
From Sept. 7 to Sept. 11 (ET), spot Bitcoin ETFs recorded $463 million in net outflows, ending a three-week streak of net inflows. Spot Ethereum ETFs saw $197 million in net inflows,… pic.twitter.com/JbA8yLme2D
— Wu Blockchain (@WuBlockchain) September 14, 2026
BitMine Chairman Thomas Lee stated that the ETH/BTC ratio has moved to its highest level since January 30 of this year, calling it a new uptrend. He attributed this to Ethereum’s role in Wall Street tokenization and agentic AI.
Bitfinex analysts offer a different read. They believe much of the ETH ETF demand is driven by a “cash and carry” strategy, where traders use ETH ETF positions as collateral to trade CME futures while earning yield. They point to a $255 million ETH short squeeze last Friday as evidence that recent price action is more about positioning than fresh spot buying.
Clarity Act Vote Adds to the Mix
Analyst Ted Pillows noted on social media that ETH failed to close above $2,550 last week. He said if the Clarity Act passes this week, he thinks ETH will reclaim $2,550 and a move toward $3,000 could follow.
$ETH failed to close above $2,550 last week.
Clarity Act voting will happen this week, and if it passes, I think Ethereum will reclaim the $2,550 level.
Once that happens, the pump to $3,000 could occur soon. pic.twitter.com/DQ2psv3Qxb
— Ted (@TedPillows) September 14, 2026
A procedural vote on the Clarity Act is set for Tuesday. The bill could open the door to broader stablecoin and DeFi adoption in the US. Odds on Polymarket for the bill passing in 2026 have risen from 14% to 31%.
The FOMC also meets this week. Around 87% of analysts expect a 25 basis point rate hike. The Fed’s commentary on future rate decisions will be closely watched.
On-chain, Ethereum’s MVRV Ratio sits at -5%. Historically, when this metric crosses above zero after a bear market, it has marked the start of a bullish cycle.
On the daily chart, ETH is testing resistance at $2,544. The RSI sits at 63 and the 50- and 200-day EMAs are approaching a golden cross. The next resistance levels above are $2,626 and $2,786.
