Important points:
- BitMine is aggressive $ETH Despite an $8 billion unrealized loss, the accumulation strengthened support at $1,500.
- The upgrade of Gramsterdam and the launch of Robinhood Chain demonstrate TradFi’s increased focus on Ethereum’s base layer.
ether ($ETH) The price rose 15% in five days, distancing itself from the $1,500 low on June 26th. Part of the improvement in investor sentiment may be earmarked for the final test of Ethereum’s gramsterdom upgrade, targeted for late 2026. Additionally, the continued accumulation of Ether by BitMine Immersion Technologies contributed to the enhanced support level. Will $2,000 come next?
Total crypto assets/USD (left) vs. $ETH/USD (right). sauce: TradingView
Over the past 30 days, Ether has outperformed the crypto market cap by 7%. Some excitement is Digital Asset CLARITY LawThe bill faces several hurdles as it makes its way through Congress, following pushback from the banking industry regarding the regulation of stablecoins and potential rewards for holders.
$ETH Options 25% Delta Skew (Put Calls) on Deribit. sauce: Lightness
Ether’s recent rally to $1,800 was enough to instill some confidence. $ETH Options markets fell as skew (put-call) indicators broke out of the fear levels that prevailed until Friday. The current premium for a put (sell) option compared to an equivalent call (buy) product is 9%, which is far from bullish, but still away from last week’s 15% mark. Levels above 12% usually indicate extreme fear.
Ethereum Network Upgrade Behind Robinhood Chain $ETH price increase
One of the main criticisms of Ethereum has been its scalability using layer 2 rollups facilitated by data packages (BLOBs), which have significantly reduced transaction fees, but have led to heated debates over long-term data censorship and centralization. Base layer network charges have taken a hit, resulting in reduced charges $ETH flared up, ultimately leading to inflationary supply dynamics.
Ethereum base layer monthly network revenue, USD. Source: Defilama
Ethereum Gramsterdam Upgradeis currently in the testing phase and should allow more transactions to be processed in parallel, increasing the processing speed of the network. This proposal would also expand Ethereum’s capacity to process more data with higher throughput and reduce database bloat. One goal is to provide institutional-grade infrastructure for financial use cases.
Bitmine (BMNR US) $ETH Number of shares held and number of shares outstanding. Source: bmnr.rocks
Continuous accumulation by US-listed company BitMine Immersion likely contributed to strengthening support at $1,500. The company increased its holdings as follows: 325,000 $ETH past monthreserves increased to 5.74 million $ETH. Despite current unrealized losses of $8 billion, $ETH BitMine continues on its path to acquiring 5% of the existing supply.
The July 2 launch of Robinhood Chain was an EVM-compatible Ethereum Layer 2 built using Arbitrum technology that helped integrate the ecosystem with the traditional financial industry. More importantly, Robinhood has rolled out tokenized stock trading in over 120 countries, along with major decentralized finance (DeFi) integrations such as Uniswap, 1inch, and Morpho.
While Ethereum’s on-chain and derivatives metrics paint a somewhat bearish picture due to low network fees and low confidence in the options market, positive news for Ether comes from growth in real-world traditional financial use cases and network upgrades that can significantly expand base-layer capacity. Overall, the journey so far has been $ETH A price of $2,000 seems entirely feasible in the short term.
