Ethereum is experiencing a wave of aggressive purchases, leading to its price exceeding the $4000 mark. Public companies are also participating by adding significant ETH to their treasuries.
Aggressive Accumulation of Ethereum
In the past week, Ethereum has become the target of aggressive accumulation. An unidentified entity purchased 221,166 ETH worth $212 million after the asset rallied 21% over the same period. Blockchain records indicate the investments were spread across six wallets linked to Galaxy Digital, FalconX, and BitGo.
Public Companies' Involvement
Publicly traded companies have also contributed to the price surge, purchasing over 304,000 ETH worth more than $1.3 billion in the past week. BitMine Immersion Technologies led the purchases with over 208,000 ETH worth more than $900 million, followed by SharpLink Gaming with a $303 million acquisition.
Market Analysis
Market sentiment surrounding Ethereum has become more bullish. Analysts predict that ETH could reach $20,000 within six to eight months based on historical data. However, Ethereum co-founder Vitalik Buterin cautioned against excessive leverage that could lead to a collapse in the asset’s value.
The current price surge in Ethereum is attributed to significant purchases from major players as well as positive forecasts from analysts. However, leading experts emphasize the importance of approaching the market with caution, considering the potential risks.
