Ether accumulation heats up: $882M in ETH snapped up by BitMine, whale

Institutional appetite for Ether grows

Institutional demand for Ether is accelerating, with two entities acquiring nearly $882 million worth of ETH in recent days. Blockchain data tracked by Lookonchain shows a mix of over-the-counter deals and exchange withdrawals driving the accumulation.

Public Bitcoin mining firm BitMine Immersion Technology led the charge, securing 106,485 ETH worth about $470.5 million within 10 hours. This purchase increased BitMine’s total holdings to 1.29 million ETH, valued at approximately $5.75 billion. The bulk of these tokens came through major institutional intermediaries such as Galaxy Digital, FalconX, and BitGo.

Whale accumulation adds momentum

An unidentified whale has quietly amassed 92,899 ETH, around $412 million, over the past four days. The entity created three new wallets and withdrew funds directly from Kraken, indicating long-term storage intentions.

This pattern mirrors other large-scale purchases seen earlier this week, when another whale entity acquired $1.3 billion in Ether across 10 wallets, surpassing the record inflows seen by Ether ETFs.

Corporate capital raises back Ether push

BitMine is also expanding its balance sheet with a $24.5 billion at-the-market (ATM) stock offering, while SharpLink raised $389 million through common shares. These raises highlight growing corporate interest in securing Ethereum exposure.

Banks raise long-term ETH outlook

Standard Chartered has upgraded its 2025 Ether price forecast to $7,500 from $4,000, citing accelerated institutional buying and stablecoin adoption following regulatory shifts in the United States.

The bank projects ETH to reach $12,000 in 2026, $18,000 in 2027, and $25,000 by 2028, underlining a bullish long-term view.

Profit-taking emerges near all-time highs

Despite accumulation, signs of profit-taking have surfaced. The whale group known as 7 Siblings sold 19,461 ETH worth $88.2 million in a single day at an average price of $4,532, hinting at short-term caution as ETH nears record highs.