Bitmine Halts Ethereum Purchases as BMNR Drops 6%

Bitmine is pausing its aggressive Ethereum accumulation campaign, according to statements by Tom Lee reported by Benzinga. The sudden shift in treasury strategy sent shares of Bitmine Immersion Technologies down 6%, unwinding a corporate bid that had served as a steady buyer in digital asset markets. Decrypt reported that Lee confirmed Bitmine's relentless Ethereum purchases are about to end. The announcement landed directly on a broader crypto tape already digesting heavy macro friction, with Brent crude futures trading at $100.46 and the 10-year Treasury yield pressing 5.31% to squeeze risk appetite across the board. On our crypto dealer book, the spot reaction immediately pulled Ethereum down 5.01% over the last 24 hours to 2568.17. That slide puts spot directly below Ethereum's gamma flip at 2586.47, leaving dealers short gamma with net GEX sitting at -1315958.92. When spot trades beneath the flip in negative gamma territory, dealers no longer act as liquidity buffers absorbing intraday volatility. Instead, their hedging mechanics require selling into declines and buying into strength, accelerating price swings rather than muting them. The weakness extends across the digital asset board, with Bitcoin dropping 2.75% to 83383.07, sliding below its own 84090.44 flip into a deep negative net GEX position of -7172231.09. Solana is off 3.23% at 116.69, pinned under its 118.81 flip. Across every major with an active options book, market structure shows dealers trapped on the same side of the tape, amplifying directional moves rather than absorbing inventory. Equity markets offered zero relief to digital assets, with tech under pressure as QQQ sits at 756.52 in short gamma below its 770.87 flip, and SPY sliding 0.32% on the session to 776.62 against an expected move of 0.86%. With corporate treasury buying stepping aside and option dealers positioned to magnify down drafts, market depth has thin margin for error until spot reclaims the flip.