Ethereum Gains 7.1% as Fed Nominee Declares Crypto Holdings
Ethereum (ETH) gained 7.12% to $2,366.68 over the past 24h, outpacing Bitcoin’s 5.01% gain, primarily driven by major institutional accumulation that has reduced available supply.
Accelerated accumulation by BitMine Immersion Technologies, which bought 71,524 ETH last week and now holds over 4% of the total supply, signalling strong institutional demand and tightening liquidity.
The price surged on capital rotation from Bitcoin ETFs into Ether funds, which saw $187 million in weekly inflows, amid a broader market rally fueled by easing geopolitical tensions.
BitMine Immersion Technologies, led by Chairman Tom Lee, accelerated its buying pace, purchasing 71,524 ETH in the past week—its fastest accumulation since December 2025.
The firm now holds over 4% of Ethereum’s total supply, approaching its 5% target. This large-scale removal of coins from the open market reduces sell-side liquidity and reinforces a narrative of institutional scarcity.
Supporting the momentum, Kevin Warsh, nominated for Federal Reserve Chair, filed a financial disclosure revealing personal assets exceeding $100 million.
His portfolio includes major stakes in digital currencies and AI ventures, with specific investments in Blast (an Ethereum layer-two scaling project) and Bitwise Asset Management, which manages a Bitcoin ETF.
Warsh has committed to divesting these holdings if confirmed. This is bullish for Ethereum because it signals high-level, institutional validation from a potential top U.S. financial regulator.
It underscores Ethereum’s growing integration into mainstream finance and could pave the way for more favourable long-term policy discussion
Meanwhile, capital rotated out of U.S. spot Bitcoin ETFs, which saw $291 million in net outflows on April 13, and into Ether ETFs, which recorded $187 million in weekly inflows.
This shift occurred alongside a 4.32% rise in total crypto market cap, driven by improving risk sentiment as Middle East tensions showed signs of easing.
Hence, ETH is benefiting from both sector-specific demand (ETF rotations) and a general macro tailwind for risk assets.
The immediate technical structure is bullish but testing a key resistance zone. ETH is challenging the $2,400 level, which aligns with the recent swing high of $2,415.53. The 4-hour RSI at 60.38 suggests room for further upside before becoming overbought.
This suggests the path of least resistance is higher, provided the $2,360 support holds. A successful breakout above $2,400 could trigger a short squeeze, targeting the 161.8% Fibonacci extension near $2,560. XRP Slides to $1.33, Tracking Below Target Price
