Ethereum News: Bitmine Buys $235M ETH as SuperTrend Flips Bullish

Ethereum news highlighted rising institutional and whale activity as ETH traded near $2,300 on April 21, 2026. Data from on-chain trackers and market analysts showed large-scale accumulation despite muted short-term price movement.

The development involved Bitmine, crypto whales, and derivatives traders increasing exposure. While price action remained flat within a 0.22% range, capital inflows and technical indicators pointed to a possible shift in market structure.

Ethereum News: Bitmine Records Largest ETH Purchase of 2026

Ethereum news confirmed that Tom Lee’s Bitmine executed its largest ETH acquisition of the year, purchasing 101,627 ETH valued at $235 million over the past week. The transaction marked a continuation of the firm’s aggressive treasury accumulation strategy.

April purchases have already exceeded 173,000 ETH with several days remaining in the month. This follows March activity, where Bitmine accumulated approximately 330,000 ETH worth $660 million, exceeding combined purchases from January and February.

Total holdings now stand at 4.976 million ETH, valued at over $11.5 billion. This represents approximately 4.1% of Ethereum’s circulating supply, placing the firm close to its stated 5% target.

The scale of accumulation suggests that Bitmine may be approaching the final phase of its buying cycle. Reduced buying activity in the coming weeks could alter demand dynamics in the spot market.

Additional institutional movement supported this trend. A wallet linked to Matrixport transferred 6,380 ETH, valued at $14.5 million, from OKX to a private wallet. This marked the wallet’s first activity in over a year, increasing its holdings to 18,380 ETH worth $41.75 million.

Whales Adding Leverage to ETH Price Action

Additionally, some whales were adding leverage to their ETH long positions. As per Ash Crypto’s Ethereum news on X, a whale opened a 40K-ETH position with 20X leverage, worth $90.80 million. The average buying price was $2,289, while the liquidation price of this position was $1,392.

Looking at the net positions of both spot and perpetual ETH contracts on Binance, OKX, and Coinbase, a similar pattern emerged.

Whale net buying continued to increase, exceeding even Bitcoin‘s. That of Futures markets was massive, at around $5.96 billion on Binance and OKX, driven by leverage. ETH’s net buying volume on the spot market totaled $35 million across the three exchanges.

Such high leverage amplifies both gains and losses, depending on the price direction. These bets suggested both spot and derivative traders were in agreement on ETH price direction.

SuperTrend Indicator Flips on Ethereum Price

On the daily charts, Ethereum was aligning with trader activity as price traded around the $2,300 zone. The price action had been confined in a downtrend since last year, October. The SuperTrend indicator flipped bullish for the first time since the downtrend started, indicating the structure may have shifted.

However, the altcoin’s price is stalling around the SuperTrend resistance level. Buys from leveraged whales and institutions could fuel prices past this level.

A breakout would mean price heading toward $3,500, a level where sellers forced ETH down to around $1,800-$2,000. Conversely, if bulls fail at this level, Ethereum price may drop back to the psychological level at $2,000 or slightly lower.

Altogether, the massive purchases by institutions and whales may signal a bullish sentiment, but the price increase was entirely determined by market dynamics. This suggests that the buys did not guarantee price appreciation.