This bullish momentum has pushed ETH to a six-month high of $3,710 and a market cap exceeding $450 billion.
Ethereum is drawing heightened attention from institutional investors and crypto whales, pushing its price toward the $4,000 mark for the first time since late 2024.
On July 20, blockchain analytics firm Lookonchain reported that two newly created wallets purchased 58,268 ETH, worth approximately $212 million. The wallets, suspected to belong to institutional investors or whales, acquired the assets from Galaxy Digital and FalconX.
On-chain analyst EmberCN added to the narrative by highlighting another significant Ethereum purchase involving another whale. The transaction involved 13,462 ETH — worth approximately $50 million — acquired from Binance at an average price of $3,714.
Meanwhile, the buying pressure isn’t coming from anonymous whales alone. The corporate sector is also contributing to this accumulation trend by pulling their weight in the market.
SharpLink, currently the largest corporate holder of Ethereum, has continued its aggressive ETH accumulation this month.
Over the past day, the firm added 4,904 ETH, worth approximately $17.45 million. This pushed its monthly total to 157,140 ETH, valued at nearly $493 million at an average acquisition price of $3,136.
Beyond direct purchases, Ethereum is also seeing record inflows into spot exchange-traded funds (ETFs).
In the last five trading sessions, ETH spot ETFs attracted $2.2 billion, which is more than double the $1 billion added the week before.
“Back-to-back record weeks. 4 of top 5 inflow days since launch over past two weeks,” Nate Geraci, an ETF expert, pointed out.
This momentum suggests increasing conviction among investors that Ethereum is well-positioned for future growth.
Notably, the network’s role in powering stablecoins, decentralized finance (DeFi), and tokenized assets continues to draw attention from traditional financial institutions, including BlackRock.
Considering this bullish momentum, Arthur Hayes, CIO of Maelstrom, suggested that Ethereum could soon breach the $4,000 threshold. His outlook supports broader market forecasts projecting a potential run toward $10,000 before year-end.
As of press time, the digital asset is trading at a six-month high of $3,710, the highest level since December 2024. Meanwhile, the price rally has elevated ETH’s market capitalization to over $450 billion, making it the 25th most valuable asset globally.
