The purchases were spread across six wallets linked to Galaxy Digital, FalconX, and BitGo, and helped push ETH above $4,000 for the first time in over a year. Public companies also joined the buying spree, and added over 304,000 ETH worth $1.3 billion to their treasuries over the past week, led by BitMine Immersion Technologies. While analysts see potential for ETH to hit or exceed $20,000, Vitalik Buterin recently warned against excessive leverage that could destabilize the market.
ETH Whale Spree Lifts Price
Ethereum has seen a wave of aggressive accumulation over the past week. An unidentified entity even purchased 221,166 ETH after the asset rallied 21% over the same period.
According to blockchain analytics platform Lookonchain, the “mysterious institution” bought $212 million worth of Ethereum in the past 24 hours alone, spreading its holdings across six wallets sourced from Galaxy Digital, FalconX, and BitGo. The largest of these wallets contains $181 million worth of ETH, while the smallest still holds $128 million.
The buying spree coincides with a rise in large-scale Ethereum holdings, as addresses with over 10,000 ETH reached 868,886 on Saturday, according to data from Glassnode. This is the highest level in a year. Ethereum’s market capitalization also briefly surged to $523 billion, overtaking payments giant Mastercard, which currently sits at $519 billion. This rally pushed ETH prices to $4,332, and allowed it to cross the $4,000 mark for the first time in over a year.
ETH’s price action over the past week (Source: CoinMarketCap)
Publicly traded companies have also been adding to the momentum. CoinGecko data shows that more than 304,000 ETH, which is worth more than $1.3 billion, was purchased for corporate treasuries over the past week. BitMine Immersion Technologies accounted for the largest share after acquiring more than 208,000 ETH worth over $900 million, followed by SharpLink Gaming with a $303 million purchase.
Additionally, market sentiment around Ethereum has turned bullish. Analyst Nilesh Verma predicts that ETH could reach $20,000 in six to eight months based on historical patterns, while trader Merlijn The Trader believes the asset could surpass even that level. However, some industry voices are urging caution.
Ethereum co-founder Vitalik Buterin expressed his support for companies holding ETH in their treasuries but also warned against the risks of excessive leverage, which he says could trigger a collapse in the asset’s value.
