Ethereum is testing $2,000. The market is uncertain. And a few hours ago, one institution decided that uncertainty was the right time to commit another $340 million.
Data from Arkham Intelligence has identified a transaction that stands in direct contrast to the current market mood: Bitmine staked an additional 167,578 ETH — approximately $340 million — within the last several hours. This was not a purchase. It was a commitment. Staking ETH means locking it, removing it from circulation, and declaring that it will not be sold. At $2,000, during a period when most market participants are questioning whether that level holds, Bitmine chose to deepen its position rather than reduce it.
The cumulative context makes the move even more consequential. It is a structural bet on Ethereum’s long-term value, built transaction by transaction, at prices the broader market has treated as a reason to hesitate.
Every ETH that Bitmine stakes is ETH that cannot be sold. At $2,000, with exchange supply already contracting, that distinction matters more than it would at any other point in the cycle.
One Institution Is Not Waiting for the Recovery. It Is Funding It
Bitmine’s latest transaction of 167,578 ETH brings its total staked position to 3,310,221 ETH, now valued at approximately $6.72 billion. That figure is not a portfolio allocation. It is an institutional declaration made across multiple transactions, at multiple price points, through one of the most difficult periods Ethereum has experienced in recent memory. Each stake was a choice. Together, they form an argument about where ETH goes from here.
The market Bitmine is betting on is fragile. Ethereum is navigating a delicate price level around $2,000 — a zone that has absorbed significant selling pressure and is now attempting to form the base of a recovery. The broader market is trying to stabilize after months of sustained downside, and every session at this level is a test of whether buyers have enough conviction to defend it against renewed pressure.
Bitmine has answered that question for itself. $6.72 billion in staked ETH is the most unambiguous expression of conviction available in this market. The only question left is whether the price eventually agrees.
Ethereum Tests Macro Support as Structure Weakens
Ethereum is trading near the $2,000–$2,100 region, a level that now acts as a critical macro support after the recent breakdown from the $3,000 range. The weekly chart shows a clear shift in structure, with ETH failing to hold above the 50-week and 100-week moving averages, both of which are beginning to flatten and turn into resistance.
The rejection from the $3,500–$4,000 region marked a decisive loss of bullish momentum, followed by a sharp move lower that tested the 200-week moving average, currently sitting below the $2,000 level. Price has since bounced slightly, but remains compressed just above this long-term trend indicator.
This positioning is important. Historically, the 200-week moving average has acted as a strong support during corrective phases. Holding above it would suggest that Ethereum is undergoing a deep retracement within a broader uptrend. Losing it, however, would signal a structural breakdown with potential for extended downside.
Volume spikes during the selloff point to capitulation or forced liquidations, while the recent stabilization indicates that selling pressure is being absorbed, but without clear bullish expansion.
Structurally, Ethereum is at an inflection point. A reclaim of $2,500 would shift momentum, while sustained weakness below $2,000 would expose lower liquidity zones.
Featured image from ChatGPT, chart from TradingView.com
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Bitcoin has fallen back below $70,000 as selling pressure continues to dominate among crypto traders. Notably, there is currently little sign of strong buying demand that could stop further downside and the current structure still leaves room for a Bitcoin price drop below $60,000.
Interestingly, technical analysis shows that the Bitcoin price action is beginning to resemble the pattern it created during the 2022 bear market, with long-term data showing that Bitcoin’s bear cycles have gradually become less severe over time.
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Bitcoin’s Bear Market Cycles Are Shrinking
Technical analysis of Bitcoin’s entire price history shows that post-cycle drawdowns have been compressing with almost mechanical precision. This pattern hiding in plain sight was laid out by crypto analyst CrypFlow on the social media platform X.
According to the analyst, each major bear market has produced a smaller percentage decline than the previous one, starting with a 93% collapse after the 2011 top. The 2013 top was followed by an 87% collapse. After the run of 2017, the market gave back 84%. Lastly, when the 2021 bull cycle peaked, the subsequent bear market stopped at a comparatively modest 78% decline.
The argument is that Bitcoin’s growth into a deeper, more liquid market has gradually reduced the kind of downside volatility that defined its early years. Based on that context, the next major bear market low would not need to rival the bloodshed of prior cycles. Therefore, it is safe to assume a worst-case scenario of a 70% drawdown from Bitcoin’s 2025 peak price of $126,080.
Extrapolating that compression forward, a 70% crash from the 2025 cycle top would place Bitcoin somewhere around $37,000. However, the analyst also noted that this price is not a bottom forecast. It is also worth noting that Bitcoin has never closed a monthly candle below the previous cycle top during a bear market. In this case, that previous cycle top is 2021’s peak around $69,000.
Familiar 2022 Bull Trap And Possible Drop To $50,000
Bitcoin’s bear market cycles might be shrinking, but a look at the current price pattern shows it might be playing out just like it did in the 2022 bear market. This was revealed in a setup by a crypto analyst that goes by the name Chiefy on X.
In that setup, Bitcoin’s current price action was placed side by side with the 2022 bear market, with both periods showing what a textbook sequence of a bear trap followed by a bull trap.
In September 2022, Bitcoin staged what appeared to be a recovery bounce at $18,000 after a brutal descent. However, this led to a bull trap around $21,000 that lured buyers in before the price action rolled over and carved out fresh lows.
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The script playing out in early 2026, according to this analysis, is identical. The bear trap in this case was Bitcoin’s fall to $60,000 in February and then another bull trap as it pushed to $74,000. If the 2022 analogy holds, that bounce is not a recovery. It is a setup, and the next Bitcoin price low, the analyst warns, is around $50,000.
Bitcoin Price Chart. Source: @0xChiefy On X
Featured image from Unsplash, chart from TradingView
- Saudi Awwal Bank taps Chainlink to build regulated on-chain finance apps.
- LINK exchange reserves have fallen to multi-year lows, signalling accumulation.
- LINK’s price has held the $23 support but faces strong resistance near the $25 level.
Chainlink’s LINK token is holding firm near $23 as its partnerships expand and exchange balances fall to multi-year lows.
The combination of institutional adoption, a push into artificial intelligence (AI) infrastructure, and tightening token supply has set the stage for a potential breakout, though traders remain cautious at critical resistance levels.
Saudi Awwal Bank partners with Chainlink for blockchain finance
Saudi Awwal Bank, one of the largest banks in the Kingdom with more than $100 billion in assets, has signed an agreement with Chainlink to begin building regulated on-chain finance applications.
Developers at the bank will use Chainlink’s Cross-Chain Interoperability Protocol (CCIP) and Chainlink Runtime Environment (CRE) to create tokenised applications that can connect Saudi markets to global blockchain networks.
Saudi Awwal Bank (@alawwalsab), one of Saudi Arabia’s largest banks with over $100 billion in total assets, is leveraging several Chainlink services to facilitate the deployment of next-generation onchain applications in Saudi Arabia.
Under the innovation agreement, SAB is… https://t.co/DAvUawI3Yg pic.twitter.com/Zhlm1GJdGp
— Chainlink (@chainlink) September 16, 2025
The agreement aligns with Crown Prince Mohammed bin Salman’s Vision 2030, which aims to diversify the economy beyond oil revenues.
By partnering with Chainlink, the bank is opening a path for tokenised capital markets, an industry valued at more than $2.3 trillion in Saudi Arabia.
This move could accelerate the adoption of regulated blockchain infrastructure in the region, placing Chainlink at the heart of institutional finance in the Middle East.
Chainlink’s institutional push meets AI expansion
The Saudi deal comes on the heels of another strategic move.
On September 16, Chainlink announced it had joined AethirCloud’s AI Unbundled Alliance, a program designed to advance Web3 artificial intelligence infrastructure.
Through this initiative, Chainlink will provide its CRE platform to developers working on AI-powered decentralised applications while also funding hackathon bounties and targeted grants.
By joining the alliance, Chainlink has extended its role from powering decentralised finance (DeFi) to enabling verifiable AI workflows across both blockchain and traditional systems.
This broadens Chainlink’s appeal and positions LINK as a critical piece of infrastructure in the next phase of Web3 adoption.
Shrinking LINK reserves point to accumulation
While adoption headlines are encouraging, on-chain data may be giving an even clearer signal.
The number of LINK tokens held on centralised exchanges has dropped from nearly 200 million in 2023 to about 158.1 million in September 2025.
$LINK on exchanges hit a multi-year low while the biggest institutions on the planet are adopting Chainlink pic.twitter.com/0g78TjNZDu
— Quinten | 048.eth (@QuintenFrancois) September 16, 2025
The steady decline reflects accumulation by long-term holders and reduces the amount of supply available for immediate sale.
In previous cycles, sharp drops in exchange reserves have often preceded major rallies.
This trend, combined with growing institutional partnerships, has strengthened the bullish case for LINK despite recent market hesitation.
Notably, the shrinking reserves are a sign of tightening liquidity that could fuel a price breakout if demand rises.
Chainlink price outlook points to a potential breakout
The current mix of supply-side tightening, expanding institutional use cases, and Chainlink’s entry into AI infrastructure has created a constructive backdrop for LINK.
While short-term sentiment shows caution, the long-term setup is tilted toward growth as demand converges with reduced token availability.
At press time, LINK traded at $23.28 with a market capitalisation of $15.79 billion, according to Coingecko.
The token has traded between $23.18 and $23.73 in the past 24 hours and remains up more than 119% over the past year.
However, it is still trading 55% below its all-time high of $52.70 set in May 2021.
Technical indicators suggest a period of consolidation, with LINK holding support above $23.
However, bulls face heavy resistance at $25. A decisive close above that level could open the way to $26.1 and beyond.
If adoption in Saudi Arabia accelerates and the AI alliance delivers traction, traders believe Chainlink could overcome resistance and aim for higher targets, with some analysts pointing to $52 as a possible milestone by year-end.
On the downside, a break below $23 risks a retreat toward $20 or even $19.53, which analysts view as a key support zone.
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Pro-crypto lawyer John E. Deaton has highlighted potential for growing debt and shrinking GDP in the United States, a situation that could mean well for Bitcoin (BTC).
US Economy In Visible Turmoil
As earlier seen in a media piece from The Washington Post, Deaton outlined how the Congressional Budget Office projects that the national debt will soar to $50.7 trillion within the next ten years.
“A decade from now, the Congressional Budget Office projects national debt will soar to $50.7 trillion and account for 122% of the GDP, by 2034, up just over $2 trillion from the group’s February estimate of $48.3 trillion and 116% of the GDP, per The Washington Post.”
Career… https://t.co/MIzFSLeARv
— John E Deaton (@JohnEDeaton1) June 19, 2024
This figure will account for 122% of the GDP that would be attained by 2034. This figure is up by just over $2 trillion from the February estimate of $48.3 trillion and 116% of the GDP. The metrics reflect a significant rise in debt and a plunge in GDP. Unfortunately, the gloom potential of such economic outlook could translate into inflation.
Similarly, the U.S. Bureau Of Labor Statistics released data on the most awaited U.S. Consumer Price Index (CPI) on June 12. The U.S. CPI remains unchanged at 0.3% in May. The market was anticipating the inflation to cool at 0.1% for the month. Despite the surge, on a yearly basis, the CPI inflation cooled to 3.3% in May from 3.4% in the preceding month.
These data could mean that a breakthrough is lurking around for Bitcoin. It is likely that many companies in the U.S. may turn to the leading digital currency as a hedge against the inflation. A couple of firms have already found a way to the crypto ecosystem especially with the advent of spot Bitcoin ETFs.
BTC Position Propelled By Spot Bitcoin ETFs
BlackRock, Fidelity, Grayscale, Bitwise, WisdomTree and a handful of other asset management firms launched their Bitcoin ETFs almost six months ago. The products were designed to offer institutional investors and retail traders access to Bitcoin.
Traditional institutional investors like MicroStrategy and Susquehanna International Group (SIG) are among those embracing BTC directly and via spot Bitcoin ETFs respectively.
MicroStrategy has a Bitcoin portfolio that has grown over time to hold the largest volume of the coin relative to its size. The business intelligence and software firm currently holds more than 214,400 units of Bitcoin. Notably, it is still looking to acquire more.
Besides these new investment vehicles that grant exposure to Bitcoin, American politicians have also shown interest. Republican presidential candidate Donald Trump is accepting Bitcoin and Ethereum as donations for his campaign.
The campaign team of president Joe Biden has also adopted this form of donation. All of these could propel cryptocurrencies, particularly Bitcoin to become global reserve asset in the long run. The prospect is already visible with Bitcoin price entering recovery mode. It is up 0.77% in 24 hours to $64,952.37.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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