$ETH
An unknown institution has been on an Ether (ETH) buying spree, scooping up 221,166 ETH worth nearly $1 billion in just one week as the token rallied 21%.
Data from Lookonchain shows that $212 million of the purchases happened in the last 24 hours alone. The entity is reportedly spreading its holdings across six wallets, sourced from Galaxy Digital, FalconX, and BitGo. The largest wallet holds $181 million in ETH, while the smallest contains $128 million.
This surge in buying coincides with Ethereum’s market cap climbing to $523 billion, surpassing Mastercard’s $519 billion. ETH is now trading at $4,332, with more than 304,000 ETH — worth over $1.3 billion — added to public company treasuries in the past week.
BitMine Immersion Technologies led the charge with over 208,000 ETH ($900M), followed by SharpLink Gaming with $303M in purchases.
Bullish sentiment is spreading, with analysts like Nilesh Verma and Merlijn The Trader forecasting a potential run to $20,000 in the coming months.
However, Ethereum co-founder Vitalik Buterin has cautioned against excessive leverage, warning it could destabilize the market.