A yet-to-be-identified institutional player has been on a massive Ether (ETH) buying spree, scooping up 221,166 ETH over the past week as the world’s second-largest cryptocurrency rallied 21%.
Blockchain analytics firm Lookonchain revealed that in the past 24 hours alone, the entity snapped up $212 million worth of ETH. The purchases are spread across six wallets, all funded through Galaxy Digital, FalconX, and BitGo. The largest of these wallets holds $181 million in ETH, while the smallest contains $128 million.
This mysterious institution accumulated another 49,533 $ETH($212M) today.
Over the past week, they have accumulated 221,166 $ETH($946.6M) from #FalconX, #GalaxyDigital, and #BitGo.https://t.co/k99BomKVq5 pic.twitter.com/u3j2LJ9M1H
— Lookonchain (@lookonchain) August 11, 2025
The buying frenzy coincided with a surge in large-scale Ethereum holdings. On Saturday, the number of addresses with more than 10,000 ETH climbed to 868,886 — the highest in a year, according to Glassnode. The rally also propelled Ethereum’s market capitalization to $523 billion on Monday, surpassing Mastercard’s $519 billion valuation. At the time of writing, ETH was trading at $4,332 according to CompaniesMarketCap.
Public companies have also been making heavy ETH acquisitions. CoinGecko data shows more than 304,000 ETH, valued above $1.3 billion, was added to corporate treasuries in the past week.
BitMine Immersion Technologies led the charge with a purchase of over 208,000 ETH worth more than $900 million, followed by SharpLink Gaming which increased its ETH holdings to an estimated $1.65 billion. Over the past days, SharpLink executed multiple purchases amounting to $54 million in ETH, raising its total Ether balance to approximately 480,031 coins.
The strong demand has ignited bullish sentiment among technical analysts. Nilesh Verma projects ETH could reach $20,000 within six to eight months, citing historical price patterns, while trader Merlijn The Trader sees the potential for the token to not only hit that milestone but exceed it.
Still, industry voices have urged caution. Ethereum co-founder Vitalik Buterin welcomed companies holding ETH in their treasuries but warned against allowing it to become an “overleveraged game” that could risk the asset’s stability.
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