This chart shows the power-law distribution of BMNR and ETH tracked since August '25.
As seen above, there is a clear gap for ETH between 2.4k and 2.8k. Below 2.4k, both upside and downside ranges contract significantly, corresponding to the compression of BMNR's premium when ETH fell into the 1.5k-2.4k range over the past six months; above 2.8k, these ranges expand, implying greater volatility for BMNR vs. ETH, thus opening up upside potential for mNAV.
The sharp drop in ETH in February '26 created a vacuum zone between 2.4k and 2.8k. Chips in this range haven't undergone sufficient turnover, meaning there's little resistance here. A breakout could lead to a rapid surge to 2.8k, at which point BMNR's mNAV also has the opportunity to expand significantly.
The key observation level for ETH is the breakout of 2.8k.
$BitMine Immersion Tech(BMNR.US)
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