BitMine Immersion Technology led the buying spree, securing 106,485 ETH (about $470 million) in 10 hours, bringing its holdings to 1.29 million ETH worth $5.75 billion.

Most of the purchases came via large OTC deals with intermediaries like Galaxy Digital, FalconX, and BitGo.

Meanwhile, an anonymous whale withdrew 92,899 ETH (roughly $412 million) from Kraken into new wallets, signaling long-term storage.

The buying comes alongside major fundraising activity. BitMine is raising $24.5 billion through an at-the-market stock offering, while SharpLink secured $389 million from a share sale.

Other whales have also been active, with one new entity accumulating $1.3 billion in ETH across 10 wallets—surpassing the $1 billion inflows posted by ETFs earlier this month.

Standard Chartered recently lifted its 2025 ETH forecast to $7,500, with long-term targets of $12,000 in 2026, $18,000 in 2027, and $25,000 in 2028, citing stronger institutional demand and accelerating stablecoin adoption.

Still, some profit-taking has surfaced as ETH nears its record high. The “7 Siblings” whale group sold 19,461 ETH ($88 million) within 24 hours, while the Ethereum Foundation offloaded around 2,800 ETH worth $12.7 million.

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Filed under: Bitcoin - @ August 17, 2025 12:01 am