Ethereum Near $1,616 as Wallet Growth Clashes With Leverage Risks

Ethereum trades near $1,616 on June 11 after sliding from $1,760 earlier in the week, extending a multi-week decline. The period opened with record retail accumulation clashing against whale selling, then shifted as BitMine Immersion executed its largest 2026 purchase of 126,971 ETH, lifting its treasury to 5.54 million tokens (4.59% of supply) with 85% staked. BlackRock rotated $230M from Bitcoin into 10,566 ETH and Circle launched cirBTC on Ethereum, yet sentiment plunged to 2026 extreme fear with open interest collapsing 25% to $12.6B and only 11% of supply in profit. Latest data show non-empty wallets approaching 200 million while derivatives leverage remains elevated, leaving price action mixed.