Institutional interest in ether continues to rise, with blockchain data indicating that two entities have recently acquired nearly $882 million in ETH.
Public Bitmine Immersion Technology has made headlines by purchasing 106,485 ether (ETH) for about $470.5 million in just the last 10 hours. This recent activity has increased their total holding to 1,297,093 ETH, valued approximately at $5.75 billion, according to transactions monitored by LookonChain.
The way Bitmine is acquiring its ETH is noteworthy; much of it has come from significant off-the-shelf (OTC) trades and direct transfers from reputable institutions like Galaxy Digital, FalconX, and Bitgo.
Meanwhile, some unidentified large holders, often referred to as whales, have also been making moves. They’ve accumulated about 92,899 ETH, approximately $412 million, over the past four days. It looks like this entity has set up three new wallets to facilitate these transactions, possibly hinting at a long-term storage approach after withdrawing funds from Kraken.
Bitmine and Sharplink garner billions
Bitmine’s strategy is bolstered by raising $24.5 billion through market stake offerings, while Sharplink has secured $389 million through common stock investments.
There’s also news that another recently identified entity has purchased $1.3 billion worth of ether across ten new wallets this week, which is quite a jump above the $1 billion milestone set by the ETF on Monday.
Interestingly, Standard Chartered has raised its ether price prediction for 2025 from $4,000 to a new high of $7,500, citing a stronger accumulation environment after recent regulatory changes in the US and a shift towards quicker Stablecoin adoption.
The bank’s long-range forecast suggests ETH could hit $12,000 in 2026, $18,000 in 2027, and reach $25,000 by 2028.
ETH profits start to appear
As ETH approaches its historical highs, we’re seeing profits emerge. A group of whales, nicknamed “seven siblings,” reported an average ETH price of $4,532, bringing in a total of 19,461 ETH, which is about $88.2 million in just 24 hours.
Additionally, the Ethereum Foundation sold 2,795 ETH for around $12.7 million across two separate transactions late Tuesday.
