Recently, Ether ($ETH) has attracted a large amount of corporate and institutional capital. In just one month, Ether reserve companies have purchased over 545,000 Ether, equivalent to about $1.6 billion. Investment products related to Ether saw inflows of $990 million in the latest week (July 14), setting the fourth largest single-week net inflow record in history. The price of Ether briefly exceeded $3,000 on July 11, indicating a significant increase in market confidence.
Since the beginning of July, there has been a frenzy of purchasing Ether, with over 545,000 ETH bought in a single month.
In the past month, Ether reserve companies have purchased a total of over 545,000 Ether, approximately $1.6 billion.
Among them, the well-known Bitcoin miner BitMine Immersion Technologies, led by American analyst Tom Lee, announced on July 15 that it has purchased 163,142 Ether, with a market value close to $500 million calculated at the price of $3,072.
Tom Lee compared Ether reserve vaults with MicroStrategy's Bitcoin reserve strategy, stating:
"If in the future a company can stock up 5% of the total supply of ETH, it will enjoy a protective effect similar to that of Wall Street for BTC."
SharpLink has rapidly increased its Ether holdings, becoming the largest Ether reserve company.
SharpLink, an online gaming company founded by Ethereum co-founder Joseph Lubin, first purchased 10,000 Ether on July 11, followed by another 16,370 Ether on July 13, and then bought 24,371 Ether in one go on July 15, totaling approximately $73.2 million.
This brings SharpLink's total holdings to over 216,000 Ether, which, at the pre-deadline price of $2,979, amounts to about $643 million, making it the company with the most Ether reserves currently.
Lubin humorously referred to himself as the representative of the "Extraordinary ETH Accumulator Gentlemen" and paid tribute to companies like BitMine that have been actively accumulating coins recently.
Source: X
More companies are joining the ranks of Ether reserves.
In addition to SharpLink and BitMine, several other companies have recently joined the ranks of Ether reserves:
Bit Digital: currently holds over 100,000 Ether.
Blockchain Technology Consensus Solutions (BTCS): raised $62.4 million in July, currently holding 29,122 Ether.
GameSquare: announced a $100 million Ether reserve plan on July 8.
Source: Strategic ETH Reserve
Nearly $1 billion has flowed into Ethereum-related investment funds, and Ether has surpassed $3,000.
Not only companies are reserving Ether, but institutional funds are also making a big entrance. According to a report by asset management company CoinShares on July 15, Ethereum-related investment funds have seen net inflows for 12 consecutive weeks, with the latest week attracting $990 million, setting the fourth largest record in history, and cumulative inflows this year exceeding $4 billion.
As corporate and institutional funds continue to flow in, companies like SharpLink and BitMine have recently significantly increased their Ether holdings, leading to a gradual warming of market sentiment and driving the price of Ether to surpass $3,000 on July 11. Although there was a slight pullback afterward, it has still accumulated about 23% increase from last week to now.
Source: (Chain News)
This article is authorized for reprint from: (Chain News)
Original title: (The Ether Reserve Tide Erupts! Corporations and Institutions Sweep Up ETH, 12 Weeks of Nearly $1 Billion Net Inflows)
Original author: Louis Lin
'The Ether Reserve Tide Erupts! Corporations and Institutions Sweep Up ETH, 12 Weeks of Nearly $1 Billion Net Inflows' was first published in 'Crypto City'.
