Ether (ETH) has spent July climbing steadily from June’s $1,450 low to a current range near $1,870 to $1,930, right at the doorstep of the $1,900 to $2,000 resistance zone that has capped every rally attempt since the October 2025 slide. 

This week, the market’s answer to ‘what happens next’ got more complicated. Bitmine Immersion Technologies — the largest corporate holder of ETH in the world — disclosed that it slashed its weekly purchases to a fraction of its usual pace, choosing to redirect capital toward buying back its own stock instead.

Bitmine’s pivot from accumulation to buyback

Against a promising price picture, Bitmine’s July 20 disclosure landed as a surprise. The company added just 7,430 ETH — worth roughly $14…