The buying spree, coupled with corporate treasury purchases, has fueled bullish predictions of ETH reaching $20,000, though Vitalik Buterin warns against excessive leverage.
Ethereum’s latest surge has captured global attention, not just for its price action, but for the mysterious whale that’s been snapping up massive amounts of Ether. Over the past week, an unidentified entity has accumulated 221,166 ETH, worth nearly $1 billion, as the cryptocurrency rallied by an impressive 21%.
According to blockchain analytics firm Lookonchain, the buyer has been particularly aggressive in the past 24 hours, scooping up $212 million worth of ETH at an average price of $4,301. The purchases are being spread across six wallets, with holdings ranging from $128 million to $181 million each.
On-chain data shows the Ether is being sourced from major institutions, including Galaxy Digital, FalconX, and BitGo, suggesting this is no retail investor, but a deep-pocketed institutional player or possibly a consortium.
This heavy buying spree comes as the number of Ethereum addresses holding more than 10,000 ETH has reached 868,886, the highest in over a year, according to Glassnode. Large-scale accumulation at this level is often seen as a sign of institutional confidence in long-term price appreciation.
The timing of the whale’s activity couldn’t be more significant. On Monday, Ethereum’s market capitalization surged to $523 billion, overtaking payment giant Mastercard’s $519 billion. ETH prices have crossed the $4,000 milestone and are now trading at $4,332. The rally is being fueled not only by whale accumulation but also by corporate treasury purchases.
CoinGecko data shows that in the past week alone, publicly traded companies with Ether holdings added over 304,000 ETH, worth more than $1.3 billion. BitMine Immersion Technologies led the charge, acquiring more than 208,000 ETH (over $900 million), followed by SharpLink Gaming, which purchased $303 million worth.
Market analysts are increasingly optimistic. Nilesh Verma, a prominent crypto trader, predicts ETH could hit $20,000 within the next six to eight months, citing historical fractals that point to exponential upside. Merlijn The Trader is even more ambitious, forecasting a breakout beyond $20,000 if momentum sustains.
If these predictions materialize, Ethereum would not only cement its dominance in the blockchain sector but also inch closer to Bitcoin’s market cap.
However, not everyone is swept away by the bullish sentiment. Ethereum co-founder Vitalik Buterin has expressed cautious optimism, supporting corporate ETH holdings while warning against excessive leverage. “It shouldn’t turn into an overleveraged game,” Buterin noted, highlighting risks that could lead to instability if speculation overshadows fundamentals.
For now, the identity of the $1B Ether whale remains unknown, fueling speculation of hedge funds, sovereign wealth funds, or even tech giants quietly betting big on Ethereum’s future. What’s clear is that this buying spree has pushed ETH into a new league, and the market will be watching closely to see if this momentum can carry the asset to historic highs.
