Bitmine Ethereum Holdings Hit 1,297,093 ETH Worth $5.75 Billion- A Rally to ATH for ETH?

Bitmine, the largest ETH treasury company

Key Insights

• Bitmine's total Ethereum holdings have risen to 1,297,093 ETH tokens, valued at $5.75 billion.

• Institutional demand for Ethereum is pushing the altcoin to rally and could boost it to hit a new all-time high.

Ethereum has exploded over the last 3 months, rising from $2,300 to $4,700. While the altcoin has been rising, another market dynamic has emerged within the Ethereum market. We have seen Ethereum face the highest demand from whales, institutions, and other large entities than ever before. 

Currently, institutional demand for Ethereum is at an all-time high. In this regard, Ethereum's recent price rally is mostly driven by institutions and other large entities. One of these institutions aggressively buying Ethereum [ETH] is Bitmine. 

Bitmine Total Ethereum Holdings hit 1.2 million ETH.

While Ethereum has experienced massive demand from institutions, there's no other that has accumulated as much compared to Bitmine. 

According to a recent report from Lookonchain and Arkham, Bitmine has been on a buying spree. For example, over the past day, they bought 106,485 ETH tokens worth $470.51 million as reported by Lookonchain. This purchase was then followed by $129.9 million worth of ETH as reported by Arkham. 

Source: Lookonchain

These acquisitions brought the total Ethereum holdings to 1,297,093 ETH tokens worth $5.75 billion. This indicates that Bitmine has aggressively accumulated ETH. With $5.75 billion in Bitmine Ethereum Holdings, it shows massive demand for the altcoin, which signals bullish sentiments and conviction in the altcoin's prospects. 

American and Korean institutions are stacking ETH.

Besides Bitmine, other institutions, especially from America and Korea, have continued to stake in Ethereum. When we look at the Coinbase premium index, this metric is currently positive and has remained for most of the last 30 days. 

Source: Cryptoquant

For example, Lookonchain reported a massive acquisition the past day. This resulted from a mysterious institution that created three new wallets and withdrew 92,899 ETH worth $412 million. Additionally, Sharplink Gaming rose to 728,804 as reported by EMCryptohub. This trend has remained consistent since June, with whales continuing to stack the altcoin.

Source: Cryptoquant

Not only that, but also investors from Korea are massively accumulating Ethereum. Currently, the Korea premium index sits within positive territory, implying that Institutional investors in Korea are also buying Ethereum.

Will Institutions Boost ETH to Rally to a New High?

Currently, Ethereum is experiencing strong upward momentum because of whales and institutions. Bitmine's accumulation of Ethereum alongside other institutions indicates growing demand and bullish sentiment from large entities. When Bitcoin rallied to $120k, it was mostly driven by spot ETFs, which created an avenue for institutions to accumulate it indirectly. Now, the attention has shifted to Ethereum with Spot ETFs such as BlackRock's ETHA owning massive ETH tokens.

If the demand for ETFs and direct institutional holding of Ethereum continues, we will see ETH rally to reach a massive high. Currently, a continuation of the accumulation trend will see ETH not only retest its ATH at $4.8k but also flip $5k and target higher price levels, including the highly predicted $10k. As per the market conditions, Ethereum has nothing but more room for the upside if institutions continue buying.