BitMine stock closed under pressure at $22.05 on Oct. 28 as spot Ethereum ETF withdrawals continued and ETH traded near $2,300, leaving the shares well below their reported September peak. The slide has sharpened attention on the company's Ethereum treasury and staking revenue plans, while technical indicators point to the possibility of another retreat toward $20. Spot Ethereum ETF outflows have climbed to about $1.3 billion this month, and chart-based analysis suggests the stock may drop to $20.

Ethereum ETF Outflows Are Accelerating

BitMine, the largest single holder of Ethereum, faces mounting risk as American investors continue to sell their coins. Data from SoSoValue show that spot Ethereum ETFs have shed assets throughout the week, recording more than $21.4 million in outflows on Wednesday after losing $60 million on Tuesday and $88 million a day earlier.

The funds have now lost $1.35 billion in assets this month, putting them on track for their worst month of the year. Their previous low point came in November of last year, when investors redeemed more than $1.42 billion in assets. For readers tracking the sector, these daily flow figures are one of the clearest real-time gauges of institutional demand for ether, and they feed directly into the outlook for companies whose treasuries are built on the token.

The accelerating outflows signal that many investors expect the Ethereum price to keep falling. ETH has already dropped from a September high of $2,796 to the current $2,317, and the value of fund assets has continued to erode through the month.

ETH Price Technicals Point to a Retreat

The daily chart shows Ethereum under pressure in recent weeks, moving from a high of $2,800 to the current $2,318. The coin has already broken below the important support level of $2,358, which marked its lows in August and September this year, and has slumped beneath both the 50-day Exponential Moving Average (EMA) and the Supertrend indicator.

A closer look at the chart reveals a head-and-shoulders pattern, a common bearish reversal signal in technical analysis. Ethereum has also fallen to the 38.2% Fibonacci Retracement level, while its oscillators have continued to decline. As a result, the path of least resistance for the token points lower, with the next key target to watch at $2,000. Within that framework, a recovery back above the broken $2,358 support and the 50-day EMA would be the first technical sign the bearish setup is failing.

BitMine at Risk if the ETH Slump Continues

BitMine is the company most exposed if the Ethereum retreat persists. The company has continued accumulating ETH over the past few months and now holds 6,051,933 coins valued at more than $14 billion — approximately 4.95% of Ethereum's total supply — with the accumulation program nearing its end. If Ethereum drops to $2,000, the total value of those holdings would fall to $12.1 billion. That scale of ownership means the company's balance sheet moves nearly one-for-one with the token's price, which is why its shares have tracked ETH's swings so closely this month.

On the positive side, BitMine is nearing the end of its Ethereum accumulation, meaning investors can expect to face less dilution going forward. Once the process ends, the company plans to focus on monetizing its ETH tokens through staking and expects to generate more than $400 million in annual staking revenue. How that transition from buying to monetization unfolds — and how quickly staking income starts flowing back to shareholders — will be the key storyline to follow once the accumulation program winds down.

With fewer than five employees, the company intends to distribute its staking revenue to shareholders through buybacks and dividends. It has already repurchased 22.9 million shares this year, and that process is set to continue.

BMNR Stock Price Analysis

Technicals show that the BMNR stock price has more downside in the near term. The shares have already dropped below the important support level of $23.16, the 50-day Exponential Moving Average (EMA), and the Supertrend indicator has flipped from green to red, a sign that bears have prevailed.

The most likely scenario, therefore, is continued decline, with the next key target at $20; a drop below $18 would represent the following leg lower. A rebound above the 50-day moving average, however, would invalidate the bearish outlook. In practical terms, the $20 mark, the $18 floor and the 50-day moving average are the levels most likely to confirm or refute the bearish case in the sessions ahead.

This article is for informational purposes only and does not constitute financial advice. Cryptocurrency-linked equities carry volatility, business risks and potential capital losses. Investors should conduct independent research before making decisions.

Source: The Market Periodical, 'BitMine Stock Forecast: Ethereum ETF Outflows Put BMNR Under Pressure,' published Oct. 29, 2026.