Ethereum

Long

Major

MAKE

<h3 id="key-highlights">Key Highlights</h3>
<ul>
 <li>BitMine acquired 27,084 ETH in the past week, marking its fourth-smallest weekly accumulation this year, pushing total reserves to 5.7 million ETH.</li>
 <li>US-based spot Ethereum ETFs experienced their seventh consecutive week of net redemptions, shedding $273.3 million in the steepest weekly decline since January.</li>
 <li>Sharplink re-entered the market after an eight-month hiatus, acquiring 39,196 ETH valued at $62.4 million across three consecutive days.</li>
 <li>Ethereum has declined approximately 50% year-to-date and approaches the possibility of recording three consecutive quarterly losses.</li>
 <li>Derivatives markets reveal $4.09 billion in short positions compared to $1.31 billion in long positions, highlighting prevailing bearish sentiment among traders.</li>
</ul>
Ethereum’s market value hovers around $1,580 as the blockchain network contends with diminishing corporate accumulation and persistent outflows from investment vehicles. The cryptocurrency has found it difficult to maintain critical price thresholds throughout June.
<figure class="wp-caption aligncenter"><img src="https://blockonomi.com/wp-content/uploads/2026/06/chart-12-4.webp" alt="Ethereum (ETH) Price" width="1824" height="1248">
 <figcaption><a href="https://www.coingecko.com/en/coins/ethereum?chart=type%3Dprice%26mode%3Dline%26timeframe%3Dd7" rel="noopener noreferrer nofollow">Ethereum (ETH) Price</a>
 </figcaption>
</figure>
BitMine Immersion, holding the distinction of being the largest institutional ETH holder, acquired 27,084 ETH during the previous week. This transaction elevated the company’s aggregate holdings to 5.7 million ETH, representing approximately $9.22 billion in value. The purchase volume represents one of the company’s most modest weekly acquisitions this year.
Simultaneously, BitMine allocated 160,480 ETH to its staking infrastructure. The firm’s staked portfolio now encompasses 4.879 million ETH, producing approximately $211 million in annual staking rewards.
BitMine Chairman Thomas Lee attributed the reduced acquisition pace to end-of-quarter “window dressing” activities. He observed that market participants frequently reduce exposure to underperforming assets during quarterly closings, regardless of positive fundamental developments.
<h3 id="investment-fund-redemptions-accelerate">Investment Fund Redemptions Accelerate</h3>
US spot Ethereum exchange-traded funds registered their seventh straight week of negative net flows. These investment vehicles experienced redemptions totaling $273.3 million over the past week, representing the most substantial weekly decline since January, based on SoSoValue tracking data.
<div class="embed-x">
 <blockquote class="twitter-tweet">
 BTC spot ETFs bled $𝟮𝟯𝟭𝗠 in single-day outflows on June 29, while ETH ETFs lost $30M — a combined ~$261M institutional pullback in one session.
 𝗛𝘂𝗽𝘇𝘆 𝘁𝗮𝗸𝗲: This is significant structural sell pressure, converging with the $100M+ whale BTC shorts on Hyperliquid… <a href="https://t.co/0DwUMBIAuv" rel="noopener noreferrer nofollow">pic.twitter.com/0DwUMBIAuv</a>
 — Hupzy (Spot On Chain) (@hupzy_agent) <a href="https://x.com/hupzy_agent/status/2071842617671798880?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 30, 2026</a>
 </blockquote>
</div>
BlackRock’s iShares Ethereum Trust experienced the largest redemptions among ETF providers. The trend demonstrates retail and institutional fund investors reducing allocations while certain corporate treasuries maintain their accumulation strategies.
This divergence has generated an atypical market dynamic. Corporate balance sheet strategies continued adding ETH exposure while traditional fund investors redirected capital to alternative investments.
Sharplink, another prominent institutional ETH holder, re-initiated purchases following an eight-month dormant period. Blockchain analytics from Lookonchain documented the company’s acquisition of 39,196 ETH valued at $62.4 million through three separate transactions during the previous week.
Arkham Intelligence data identified the initial purchase batch through FalconX on Thursday. Sharplink executed additional transactions on Friday, complemented by substantial over-the-counter trades throughout the weekend.
As of June 21, Sharplink maintained holdings of 876,285 ETH, establishing its position as the second-largest public corporate ETH holder after BitMine. The company has not publicly addressed the rationale behind resuming its accumulation strategy.
<h3 id="quarter-end-performance-and-derivatives-market-positioning">Quarter-End Performance and Derivatives Market Positioning</h3>
Ethereum has experienced a decline approaching 50% since the beginning of January. This downturn temporarily allowed Tether’s USDt stablecoin to surpass ETH in overall market capitalization during the past week.
Cryptocurrency analyst Max Crypto highlighted in a social media post that ETH approaches the possibility of recording three consecutive quarterly losses for the first time in its history. He characterized this pattern as a structural concern extending beyond temporary price volatility, prompting market observers to monitor whether the asset can prevent a fourth consecutive negative quarter.
<div class="embed-x">
 <blockquote class="twitter-tweet">
 ETH IS ABOUT TO MAKE HISTORY.
 But it's not something most of us wanted.
 For the first time ever, <a href="https://x.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> is set to close 3 consecutive quarters in red.
 Even during the brutal bear market of 2018 and 2022, this didn't happen.
 What went wrong with Ethereum this cycle? <a href="https://t.co/BA79N77KQM" rel="noopener noreferrer nofollow">pic.twitter.com/BA79N77KQM</a>
 — Max Crypto (@MaxCrypto) <a href="https://x.com/MaxCrypto/status/2071498438131527694?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 29, 2026</a>
 </blockquote>
</div>
Derivatives market information from CW indicated that high-leverage short positions on ETH totaled $4.09 billion. Long positions registered $1.31 billion on the identical platform, suggesting that speculative traders anticipate continued downward price movement.
From a technical perspective, ETH trades beneath its 20-day, 50-day, and 100-day Exponential Moving Averages, which range between $1,670 and $2,004. The Relative Strength Index currently registers 35, while the Stochastic indicator stands at 26, both metrics indicating persistent downward momentum with minimal signals of reversal.
Market analyst Daan Crypto Trades remarked on social platform X that <a href="https://coincentral.com/ethereum-baccarat-sites/" rel="noopener noreferrer nofollow">Ethereum</a> has been unable to successfully recapture previous support zones. He indicated that a recovery above $1,750 would represent the initial indication of bullish strength on extended timeframes, whereas a breach below the current $1,500 support level, which has provided a floor on two prior occasions, could trigger a decline toward April 2025 price lows.
<div class="embed-x">
 <blockquote class="twitter-tweet">
 <a href="https://x.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> Has been failing pretty much every attempt at retaking a previous support or important level.
 If we'd see a move back above $1750 at some point, that'd be the first sign of strength on the higher timeframes for me.
 Right now sitting at that ~$1.5K support area that has… <a href="https://t.co/7cfUEiCQyz" rel="noopener noreferrer nofollow">pic.twitter.com/7cfUEiCQyz</a>
 — Daan Crypto Trades (@DaanCrypto) <a href="https://x.com/DaanCrypto/status/2071596820187234362?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 29, 2026</a>
 </blockquote>
</div>
Near-term resistance levels for ETH are positioned at $1,626, followed by additional barriers at $1,670 and $1,741. Support zones are established near $1,524, with a secondary support foundation at $1,404.
The post <a href="https://blockonomi.com/ethereum-eth-faces-extended-decline-as-q2-ends-with-major-outflows/" rel="noopener noreferrer nofollow">Ethereum (ETH) Faces Extended Decline as Q2 Ends with Major Outflows</a> appeared first on <a href="https://blockonomi.com" rel="noopener noreferrer nofollow">Blockonomi</a>.

Ethereum (ETH) Faces Extended Decline as Q2 Ends with Major Outflows

Table of Contents

Blockonomi

Other articles published on Jun 30, 2026

Join our free newsletter for daily crypto updates!