ETH near $2,400 as BitMine buys 12,535 ETH and JPMorgan brings JPM Coin to Ethereum
- —BitMine bought 12,535 ETH worth about $30.3 million, bringing holdings to 6.041 million ETH, or 4.9% of supply
- —JPMorgan expanded its JPM Coin deposit token to the Ethereum mainnet for approved institutions
- —US spot ETH ETFs posted about $320 million in net outflows last week, the third straight weekly decline
- —ETH futures saw $87 million in liquidations over 24 hours, with $71 million from shorts
Why it matters: Institutional flows via JPM Coin and BitMine's buying have yet to offset weak spot demand and persistent ETF outflows.
Source: CoinCentral