Analysis
Cash App Onboards Ethereum As Bitmine Buys 9,926 ETH This Week
Cash App is expanding Ethereum access, but billions in exchange inflows and key resistance could keep ETH’s next move uncertain.
5h ago 4,280
BLOCKINSIDERLoadingCash App is expanding Ethereum access, but billions in exchange inflows and key resistance could keep ETH’s next move uncertain.
Ethereum’s push into mainstream payments is gaining another major gateway as Cash App expands beyond Bitcoin and USDC. The move puts ETH in front of millions of potential buyers, while institutional accumulation continues to strengthen its demand profile.
Yet beneath the growing adoption, billions of dollars in ETH have recently flowed toward exchanges, creating a clear supply-side concern.
With ETH trapped below a key resistance and BitMine’s treasury quickly expanding, the next move could depend on which force wins.
Cash App, one of the world’s biggest payment platforms, which has over 57 million users, is expanding its crypto payment asset offering. The app announced that it is partnering with MoonPay, allowing eligible US users to now buy ETH, Solana (SOL), XRP, and USDT beyond Bitcoin (BTC) and USDC.
Ethereum has observed an expanding reach recently. However, the bigger question is whether it could bear an impact on the asset itself. It is possible that the answer to that question is a rather bleak one, considering the chances of the altcoin king surging are low.
Bitmine (BMNR) continues to expand its ETH holdings, adding another 9,926 ETH over the last 10 days. The ETH treasury now holds over 5.82 million ETH valued at more than $11 billion. The frenzy and dedication that BMNR has shown are driving factors in pushing ETH’s demand further.
However, the problem that ETH still faces is the investor selling. According to on-chain data, since early July, over $4.2 billion worth of ETH moved into exchanges. Generally, supply entering exchanges during bearish periods indicates selling.
This selling has settled down in the past week, owing to the ETH price rise taking a break as well. The profit booking from investors seems to be slowing down at the moment.
Ethereum’s price sat at $1,912 at the time of writing, after a relatively calmer three weeks. The altcoin king is currently awaiting stronger bullish cues. Despite the surge in inflows, ETH continues to remain consolidated in a $1,000 range between $1,838 and $1,938, making these crucial levels to watch.
The early July rise from $1,575 is held under the $1,938 resistance, right above which stands $830 million worth of shorts. Liquidation at this level will act as a major catalyst for ETH, pushing the altcoin past the $2,000 mark and marking an 8-week high.
BMNR (Bitmine), which was trading at $18.68, is climbing fast, having risen by 10.3% this month, while its mNAV (market Net Asset Value) has moved from 0.94x to 0.98x. mNAV basically compares the company's stock price to the actual value of the ETH it holds on its balance sheet.
A reading below 1.00x means the stock trades at a discount relative to its ETH holdings, while a reading above 1.00x means investors are paying a premium.
Right now, BMNR is still trading at a discount, but the gap is closing fast. If it crosses above 1.00x, it would mean the market values BMNR's shares more than the ETH sitting inside it.
That's significant because it signals investors have real conviction in the "treasury company" model itself, not just in ETH's price. This, in turn, could further feed BMNR’s growth, which is up 46% from its 2026 low of $12.80.
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