Bitmine now controls 4.37% of Ethereum’s circulating supply, while the Ethereum Foundation’s share stands at just 0.16%. That gap is changing how analysts frame ETH market influence. A debate that once focused heavily on the foundation is now moving toward large institutional holders.
The Foundation’s share has become marginal
For years, the Ethereum Foundation drew scrutiny during periods of price volatility, with critics watching its sales, spending, and possible market impact. The latest data points to a very different ownership structure. The article cites Ethereum Daily as saying that blaming the foundation for price action in 2026 is “mathematically obsolete” because it holds only 0.16% of supply.
The source also says the foundation has been concentrating on core software development, research, and support for protocol evolution rather than market activity. The 2022 Merge is presented as a turning point, reflecting a broader decision-making process that includes a wider set of developers, companies, and investors.
Institutional treasuries are drawing more attention
In contrast, institutional balance sheets are becoming much more important in Ethereum’s market structure. Analysts are focusing on corporate treasuries, exchange-traded funds, lending platforms, and public companies because these entities hold larger ETH positions and can influence support levels and liquidity more directly. The article describes Bitmine as a whale company among major crypto asset holders, with ownership large enough to matter at the market level.
According to the report, Ethereum’s future price path is becoming more closely tied to corporate strategies when ETH is used as collateral, reserves, or part of a revenue base. Large holders monitor the market value, liquidity, and credit profile of their ETH closely. The Ethereum Foundation, by comparison, is portrayed as having a narrower role centered on research, technical development, and protocol operations.
ETH trades near $2,110 with resistance just above
On the price side, ETH/USD was trading near $2,110 in the latest session, up 0.61%, after a previous close of $2,097.20. Intraday movement showed ETH trading sideways between $2,100 and $2,105 before slipping to roughly $2,091-$2,093 around 07:00. Buying interest then returned and pushed the pair higher.
The short-term structure showed a pattern of higher highs and higher lows after the early dip. Buyers were especially active in the $2,104-$2,106 range, while $2,097 is now seen as an important support level. Resistance is clustered between $2,112 and $2,114. ETH briefly tested that zone, but sellers responded quickly. A move above it could reopen upward momentum, while a drop below $2,104 would weaken the current setup. CryptoAppsy data cited in the source says ETH/USD most recently tested the $2,110 level.