Gigantic Increase in ETH ETF Value Coincides with Intense Amassing by a $1.3B Whale Digital Wallet
In the world of cryptocurrency, Ethereum (ETH) continues to make headlines. As of today, Ethereum is trading at a significant price point of $4,500. This comes despite a selloff from short-term holders, with the digital asset currently 12% down from its All-Time High (ATH) of $4,891.
The volume of Ethereum in the last 24 hours stands at $47.44 billion, reflecting a robust level of trading activity. However, the 24-hour volatility of Ethereum is 4.6%, indicative of the market's continued turbulence.
One entity, in particular, has been making waves in the Ethereum market. Known as Bitmine Immersion Technologies, this company chaired by Wall Street strategist Tom Lee, has been identified as the anonymous whale buying large amounts of Ethereum. Bitmine holds the largest Ethereum treasury in the world, with about 1.17 million ETH valued at $5.14 billion.
This whale has been accumulating Ethereum through multiple wallets funded via institutional-level trading services like FalconX, Galaxy Digital, and BitGo. Over the past week, this entity acquired over 221,166 ETH worth roughly $1 billion, distributed across six wallets. The latest buying spree saw Bitmine add 316,000 ETH to its treasury, expanding it to $4.96 billion.
Bitmine's aggressive purchases, including 28,650 ETH (~$129.89 million) within an hour, have marked it as a major institutional investor. It is believed that the company is strategically adding Ethereum to its reserves in a bullish market environment characterized by low exchange supply and growing institutional demand.
Meanwhile, US-based spot Ethereum exchange-traded funds (ETFs) have also seen significant inflows. Since its launch in July 2024, BlackRock's ETHA fund has registered almost $10.5 billion in net inflows, setting a new all-time high. The US-based spot ETH exchange-traded funds have recorded an all-time high net inflow of $1.01 billion. However, the current total net inflow for these ETFs is not specified.
The market capitalization of Ethereum stands at a staggering $543.11 billion, a testament to its growing influence in the cryptocurrency market. Despite the recent selloff, Ethereum reached a local high of $4,362 on Aug. 11 and briefly touched below $4,200 due to high market volatility.
As the cryptocurrency market continues to evolve, the role of institutional investors like Bitmine and the performance of Ethereum will undoubtedly remain key points of interest for investors and market analysts alike.
- Tom Lee's company, Bitmine Immersion Technologies, has been making significant moves in the Ethereum market as a large Ethereum holder, investing heavily through institutional services like FalconX, Galaxy Digital, and BitGo.
- The surge in institutional investment in Ethereum is evident in the growing net inflows of US-based spot Ethereum exchange-traded funds (ETFs), with BlackRock's ETHA fund registering almost $10.5 billion in net inflows since its launch in July 2024, indicating increasing interest in the financial and technological aspects of Ethereum.
