Ethereum Whales Add 14% More Coins Since April Lows

This could mean that there is renewed confidence in ETH’s long-term potential, especially as  ETFs pulled in billions in inflows while treasuries like BitMine and SharpLink absorbed supply. BitMine, now holding over 1.5% of ETH’s supply, recently added another $65 million to its treasury, helping push exchange reserves to a three-year low. Tom Lee is also still highly bullish, and predicted that ETH could eventually reach $60,000.

Whales Quietly Accumulate ETH

Ethereum whales have been quietly but steadily increasing their holdings since Ethereum hit yearly lows in April, which means that there is renewed confidence in the asset’s long-term potential. Data from crypto sentiment platform Santiment revealed that in the past five months, whale addresses holding between 1,000 and 100,000 ETH have added 14% more coins to their portfolios. 

This accumulation trend suggests a shift in sentiment toward optimism, particularly as Ethereum rallied sharply from its April 9 low of $1,472 to a recent price of $4,366 — a 190+% gain. Market watchers often track whale activity to gauge what the broader sentiment in the market is, as large holders are typically influential in price direction. Usually, accumulation is interpreted as a bullish sign and large sell-offs are often seen as bearish.

Not all whales timed the rally correctly, however. Some were caught selling near the bottom and then forced to buy back at higher levels. One example was a crypto wallet that sold 2,522 ETH for $3.9 million in April, only to repurchase 1,425 ETH for $3.8 million in May when the price already rose to around $2,667. 

Most of Ethereum’s surge has been attributed to ETF inflows and the rise of corporate treasury holdings. Two major players, SharpLink Gaming and BitMine Immersion Technologies, began accumulating in June when ETH traded between $2,228 and $2,813. BitMine has since emerged as the largest ETH treasury holder with close to $8.22 billion worth of ETH, while SharpLink Gaming controls $3.69 billion. In total, Ethereum treasury companies now hold nearly $15.83 billion of ETH, or 2.97% of the token’s entire supply.

Institutional flows through ETFs have also been a major catalyst. In August, Ethereum ETFs attracted $3.87 billion in inflows. This was in stark contrast to Bitcoin ETFs, which saw $751 million in outflows. This strong demand fueled speculation that ETH could climb far higher by year-end. 

Fundstrat’s head of digital asset research, Sean Farrell, suggested that Ethereum could potentially reach $12,000 to $15,000 by December. Still, others are a bit more cautious, due to a recent decline in the ETH/BTC ratio, which fell 2.27% in the past week. 

Blockchain intelligence firm Arkham pointed out this shift, and explained that ETFs recently sold $135 million worth of ETH while buying $332 million in BTC. This divergence adds fuel to the lingering uncertainty about whether Ethereum can sustain its momentum or if institutional interest will once again tilt toward Bitcoin.

BitMine Adds $65M in Ethereum

BitMine Immersion Technologies added another $65 million worth of ETH to its treasury in a series of six transactions that were executed through Galaxy Digital’s over-the-counter desk. This was the company’s first purchase of the month and further strengthened its position, with BitMine now holding over 1.5% of Ethereum’s total circulating supply. 

A company representative confirmed that all acquisitions are made with cash and without leverage. The timing of this buy coincides with Ethereum reserves on centralized exchanges falling to a three-year low, down 38% since 2022, as corporate treasuries and ETFs continue to absorb supply.

Ethereum exchange reserves (Source: CryptoQuant)

BitMine’s stock also reflected market enthusiasm. Shares of BMNR closed Wednesday at $44.86, up 5.58% on the day, before dipping slightly by 0.54% in after-hours trading to $44.62. Despite being up 540% year-to-date, the stock is still below its July peak of $135. Nonetheless, BitMine remains one of the most actively traded stocks, with its 10-day average volume at 51.07 million shares and its 30-day average at nearly 55 million shares. 

Speculation is also building that Tom Lee may appear on The Joe Rogan Experience podcast, which could potentially bring even more visibility to both BitMine and Ethereum. Meanwhile, Tom Lee recently reiterated his long-term bullish stance on ETH during an appearance on the Medici Presents: Level Up podcast, where he reaffirmed his $60,000 price target. 

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Lee compared Wall Street’s growing interest in Ethereum to a “1971 moment,” and suggested it could be transformative for the financial system by driving more assets and activity onto blockchain rails. He added that companies with ETH treasuries should trade at a premium since they can earn staking rewards of around 3%, unlike ETFs that are limited by liquidity requirements. By his estimate, the ability to stake could add up to 90% additional value for these firms.