Bitmine Buys $238M ETH in Weekly Cooldown

Stablecoin inflows remained tepid at +$173M for the week of April 27 to May 3, 2026, as DEX spot volumes cratered by roughly 20% and perpetuals trading followed suit, pointing to a broader crypto market cooldown that echoes the sluggish patterns seen in early Q1 2026. Institutions shrugged off the slowdown, piling into assets with seven firms snapping up 620 BTC valued at $49.45M, while Bitmine, led by Tom Lee of Fundstrat, aggressively acquired another 101,745 ETH for $238M—extending their ETH accumulation trends that have driven recent rallies. Meanwhile, Michael Saylor's Strategy halted BTC purchases, a shift from their relentless buying spree over the past six months, potentially signaling strategic pivots amid whispers of integrating viral trends like Bitcoin with emerging TAO ecosystems for diversified portfolios.

Zooming into the 4-hour ETH chart, price action holds firm in a bullish structure, grinding above the EMA50 at $2314.49 which acts as immediate support, while the EMA200 at $2260.55 reinforces the longer-term floor—confluence here suggests buyers defend these levels aggressively against any dips. MACD flashes a golden cross with a reading of 15.61, underscoring sustained upward momentum, but RSI at 57.18 sits neutral, hinting at room for more gains without overbought risks; meanwhile, ETH trades snug inside the Bollinger Bands, testing the upper resistance at $2371.96 that could cap short-term pops, with the lower support at $2274.67 offering a cushion—expect a probe toward that upper band before any retracement, aligning with ETH price prediction models eyeing $2500 if Bitcoin institutional buying resumes.