This article was first published on The Bit Journal.
Ethereum is moving towards a point that not many investors thought they’d ever see. If current trends keep going, the second-biggest cryptocurrency is likely to suffer its very first run of three consecutive quarters in losses. This Ethereum losing streak is one that very few people saw coming.
While there are reports that BlackRock has been selling down its exposure to Ethereum in recent days, Tom Lee’s firm BitMine seems to be piling on millions of ETH even in the face of a downturn.
The market is caught between persistent selling pressure and one of the largest corporate accumulation campaigns in crypto history.
Ethereum Losing Streak Threatens Historic Record
According to CoinGlass’s quarterly returns data, ETH closed out Q4 2025 and Q1 2026 in the red. Now with Q2 finishing lower as well, the possibility is that market is staring down an unprecedented Ethereum losing streak.
Ethereum has been through tough times before, especially in the bear markets of 2018 and 2022. However, these periods were usually followed up with at least one quarter where things started to look up.
This time around has been different. ETH seems to have stuck under pressure for months now, and even though various institutional investors keep on forecasting the long-term potential of ETH, it has struggled to regain its momentum.
This prolonged weakness has coincided with general crypto market downturns, and waning demand for ETFs, and a general sense of fear across almost all risk assets. Citigroup this week cut its 12-month Ether forecast from $3,175 to $2,240 saying that weak ETF flows and declining investor sentiment are to blame.
BlackRock Selling Meets BitMine Buying
Reports indicate that BlackRock has transferred additional Bitcoin and Ethereum to Coinbase Prime and has sold ETH for seven consecutive trading sessions. Its most recent Ethereum purchase reportedly occurred about two weeks ago.
At the same time, reports also reveal BitMine buying up 27,084 ETH worth about $42.5 million in recent days, a total that means the company now has roughly 5.7 million ETH in its holdings or about 4.7% of Ethereum’s circulating supply.
BitMine Chairman Tom Lee has said that Ethereum accumulation is the core of the company’s strategy. Also worth noting is the fact that BitMine got added to the Russell 1000 Index in June, which could mean it now gets even more exposure to the institutional crowd.
BitMine’s Ethereum Bet Keeps on Growing
BitMines size has become harder to ignore, as of now, BitMines total holdings of roughly 5.7 million ETH has put it firmly at the top of the list of publicly known corporate Ethereum treasuries. About 85-86% of those holdings are reportedly being staked, generating an extra income stream for the company and at the same time taking a portion of ETH out of circulation.
The company has been buying up ETH throughout 2026, even as the price slid. Some see this as a vote of confidence in the long-term prospects of Ethereum especially when it comes to things like tokenization, DeFi and blockchain-based financial infrastructure.
Others however point out that with one company controlling nearly 5% of the total ETH supply, it is only a matter of time before big treasury decisions start having a big impact on market liquidity and sentiment.
Ethereum Still Struggling to Find Its Footing
Even with BitMine buying into the market, Ethereum still remains weak from a technical standpoint. At the time of writing, Ethereum was hovering around $1,578, still stuck below the psychological barrier of $1,600.
Market technicians are keeping a close eye on this level as it has been a key benchmark for months now.
If Ethereum can finally break above $1,600, it might be a sign that buyers are getting back and confidence will start to return after a long spell of weakness. But if it fails to take that level, losses are likely to keep piling up for Ethereum.
The momentum indicators are sending mixed signals. The Relative Strength Index suggests that buyers are still struggling to get the upper hand, while some capital flow indicators show that despite prices falling, some funds are still entering into the market.
That is one reason why Ethereum hasn’t yet tanked despite the bearish mood hanging over it.
Conclusion
All this shows just how deep-seated the debate is about Ethereum’s future in the crypto markets.
Short-term signals aren’t looking great, ETF flows have slowed, institutional demand has become patchy, and the macroeconomic outlook is still worrying. But at the same time, big players like BitMine are buying up Ethereum in a way that’s only been seen a handful of times before.
For now, all bets are off, and price action is the only thing that really matters.
If Ethereum can’t get past those key resistance levels, its first ever three-quarter decline will go down in the asset’s history as a major low-point. But if institutional demand eventually starts to kick in, today’s weakness might just be remembered as a period of consolidation rather than permanent decline.
The next quarter could make all the difference in determining which way things go from here.
Glossary
ETH: The native coin of the Ethereum network
RSI (Relative Strength Index): A momentum indicator used to assess buying and selling pressure.
Coinbase Prime: It’s an institutional trading and custody platform, run by Coinbase.
Staking: Locking cryptocurrency to help secure a blockchain while earning rewards.
Russell 1000: A major U.S. stock index tracking large-cap companies.
Frequently Asked Questions About Ethereum Losing Streak
What is the current Ethereum losing streak?
Ethereum has had a rough time in Q4 2025, Q1 2026, and Q2 2026, which makes this its longest stretch of sustained weakness.
Why is the Ethereum losing streak such a big deal?
While Ethereum has had its fair share of big corrections in the past, it usually bounced back within one or two quarters so this is a new and unsettling trend.
How much Ethereum does BitMine own?
BitMine holds about 5.7 million ETH, which is roughly 4.7% of the total Ethereum supply out there.
What level are traders really focusing on for ETH?
Many analysts view $1,600 as an important resistance level that Ethereum needs to reclaim.
References
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