Ethereum extended its recent rally over the past month, outperforming Bitcoin as institutional demand for ETH continued to strengthen.

The second-largest cryptocurrency gained approximately 24% over the past 30 days, compared with Bitcoin’s roughly 8% increase over the same period. Spot Ethereum ETF inflows have continued to support demand by giving investors regulated exposure to ETH through traditional brokerage accounts, while BitMine Immersion Technologies added another 9,946 ETH to its treasury, bringing its total holdings to 5,787,414 ETH.

Ethereum gains ground against Bitcoin

Ethereum has strengthened relative to Bitcoin in recent weeks, with the ETH/BTC ratio climbing to 0.03, its highest level in around three months. The ratio is widely used by traders to track Ethereum’s performance against Bitcoin, rather than against the U.S. dollar alone.

The increase reflects Ethereum’s stronger performance compared with Bitcoin rather than a decline in Bitcoin’s price. Over the past 30 days, ETH rose approximately 24%, while BTC gained around 8%.

Ethereum also posted gains across shorter timeframes. It rose about 4% over the past 24 hours and more than 5% over the previous seven days, while its 14-day gain reached roughly 10.5%.

Even after the latest advance, Ethereum remains well below its all-time high of $4,946.05.

BitMine expands Ethereum holdings

BitMine Immersion Technologies increased its Ethereum treasury by purchasing another 9,946 ETH over the past week.

Following the acquisition, the company now holds 5,787,414 ETH, worth approximately $11.2 billion based on current market prices. The purchase reinforces BitMine’s position as the largest publicly known corporate holder of Ethereum.

The company has repeatedly said it aims to build one of the largest long-term Ethereum treasuries. Its latest purchase moves it closer to that goal at a time when corporate crypto treasuries remain an important signal of institutional participation in digital assets.

BitMine’s strategy also includes staking a large portion of its Ethereum holdings rather than leaving them idle. Around 4.92 million ETH, or roughly 85% of the company’s total holdings, are currently staked, allowing BitMine to generate staking rewards while maintaining its long-term exposure to Ethereum.

Share repurchases continue alongside ETH purchases

BitMine’s latest Ethereum acquisition was accompanied by further share repurchases. The company bought back 6.1 million shares during the most recent week, after repurchasing 5.5 million shares the previous week. Both transactions are part of its authorized $4 billion share buyback program.

3/ “Bitmine repurchased 6.1 million shares of common stock in the past week, an increase from the 5.5 million purchased the week prior. We increased our equity buyback as we view the rising ETH/BTC ratio, despite the falling odds of passage of the Clarity Act in 2026, as a sign… pic.twitter.com/LVOB46sIgL

— Bitmine (NYSE-BMNR) $ETH (@BitMNR) July 27, 2026

Following the buyback update, BitMine’s stock, which trades under the ticker BMNR, gained more than 5% after the announcement. The move followed the company’s expanded Ethereum holdings and continued capital management activity.

Tom Lee cites improving Ethereum momentum

BitMine Executive Chairman Tom Lee highlighted several indicators supporting Ethereum’s recent performance.

According to Lee, the ETH/BTC ratio reaching a three-month high signals improving strength for Ethereum relative to Bitcoin. He also identified the $2,000 and $2,500 levels as key resistance zones being watched by traders as the rally continues.

Lee also noted that Ethereum has significantly outperformed Bitcoin over the past month, reinforcing BitMine’s decision to focus its treasury strategy on ETH rather than other digital assets.

Institutional demand has remained a major factor in Ethereum’s recent price action. Continued inflows into spot Ethereum ETFs have added buying pressure, while large treasury purchases by companies such as BitMine have contributed to demand from institutional investors. Market watchers will continue to monitor ETF flow data, the ETH/BTC ratio, and BitMine’s treasury disclosures for signs of whether the recent relative strength is being sustained.