BitMine’s 5.74M ETH Stack Anchors $1,500 Floor as Put Skew Exits Fear Zone

Ether has climbed roughly 15% in five sessions, moving away from the $1,500 low set on June 26 and trading near $1,785 as of press time, according to Cointelegraph. The move has been reinforced by three concurrent data points: continued accumulation from digital-asset treasury company BitMine Immersion Technologies, a meaningful cooldown in ETH options put skew, and the July 2 launch of Robinhood Chain, an Ethereum layer-2 built on Arbitrum technology.

Ether has outperformed total crypto market capitalization by 7% over the trailing 30 days, per TradingView data cited in the report. That relative strength stands out against a backdrop of weak base-layer fundamentals: onchain network fees remain depressed, reducing ETH burn and pushing the asset back toward inflationary supply dynamics, according to DefiLlama figures referenced in the source.

BitMine’s stack grows despite $8B in paper losses

BitMine added 325,000 ETH to its balance sheet over the past month, lifting total holdings to 5.74 million ETH, per data from bmnr.rocks. The company is sitting on roughly $8 billion in unrealized losses on that position but has continued buying toward its stated target of accumulating 5% of total ETH supply, the report states.

That scale of persistent, loss-tolerant accumulation is one of the clearer explanations for the $1,500 level holding as support through the recent drawdown. For traders tracking treasury-company flows as a structural bid, BitMine’s continued buying against negative mark-to-market represents one of the more unusual conviction signals currently visible on ETH’s supply side.

Options skew retreats from extreme fear

Derivatives positioning on Deribit shows the 25% delta put-call skew has fallen to a 9% premium for puts over calls, down from 15% the prior week, according to Laevitas data cited by Cointelegraph. Skew readings above 12% typically signal extreme fear in the options market, meaning the current level, while still put-skewed, is no longer in stress territory.

The shift suggests hedging demand has eased alongside the spot rally, though the market has not flipped into outright bullish positioning. For desks reading skew as a sentiment gauge, the move from 15% to 9% in a week is a meaningful de-escalation rather than a reversal signal.

Robinhood Chain and Glamsterdam widen the TradFi bid

Robinhood Chain, an EVM-compatible layer-2 built using Arbitrum technology, went live on July 2 with tokenized stock trading rolled out across more than 120 countries alongside DeFi integrations including Uniswap, 1inch and Morpho, according to Cointelegraph. The launch adds another institutional-facing settlement layer to Ethereum’s base chain at a time when layer-2 fee capture has been a persistent drag on mainnet revenue.

Separately, Ethereum’s Glamsterdam upgrade is in final testing ahead of a target rollout later in 2026. The upgrade is designed to increase parallel transaction processing, expand data throughput and reduce database bloat, with an explicit aim of improving institutional-grade infrastructure for financial use cases, the report notes.

Sentiment around the pending Digital Assets CLARITY Act in Congress has also contributed to the rally, though the bill continues to face resistance from the banking sector over stablecoin regulation, per Cointelegraph. Taken together, onchain and derivatives metrics remain mixed — fees are low and burn is muted — but the combination of treasury-scale ETH buying, cooling options fear and expanding TradFi rails is what’s underpinning the path toward $2,000.

Read more: Ethereum’s ‘Lean’ Rebuild Targets 100TB State as ETH/BTC Breaks Downtrend