BitMine Appoints New CEO Amid $728M Ethereum ETF Outflows

BitMine Immersion Technologies, which controls over 2.9% of the Ethereum network's supply, has announced significant leadership changes:

Chi Tsang appointed as the new CEO, succeeding Jonathan Bates.
Three independent directors added: Robert Sechan, Olivia Howe, and Jason Edgeworth.

This leadership reshuffle is part of BitMine's strategy to acquire 5% of the total ETH supply, marking a major update since its NYSE listing. Chairman Tom Lee highlighted the transition as essential for positioning BitMine between Ethereum and traditional capital markets.

The announcement coincides with a challenging period for Ethereum-linked funds:

U.S. Ethereum ETFs faced $728.3 million in net outflows over four trading days.
BlackRock's Ethereum ETF saw a single-day withdrawal of $173.3 million.
ETH price fell 5% intraday, hovering above $3,200.

Ethereum's technical indicators suggest weakening momentum:

Price fell below the 50-day and 100-day moving averages, attempting stabilization near the 200-day line at $3,200.
Probability of reclaiming $3,250 is 29%, with a 54% chance of retracing to $3,000.
RSI remains low at 36, indicating weak demand.

If ETF outflows stabilize and ETH holds above $3,200, a recovery to $3,450 is possible, though reclaiming the 50-day MA remains unlikely without positive institutional flows.