Amid rising Ethereum prices, an unknown institutional player is aggressively accumulating Ether, acquiring it for over $940 million in the past week.
Massive Ether Purchases
Blockchain analytics firm Lookonchain reported that the entity purchased $212 million worth of ETH in the last 24 hours. The purchases were spread across six wallets funded through Galaxy Digital, FalconX, and BitGo. The largest wallet holds $181 million in ETH.
Rise of Large Wallets
The number of addresses holding more than 10,000 ETH has increased to 868,886, the highest in a year, according to Glassnode. Ethereum's market capitalization rose to $523 billion, surpassing Mastercard's valuation of $519 billion.
Public Companies' Participation and Analyst Forecasts
Recent data from CoinGecko indicates that over 304,000 ETH, valued at over $1.3 billion, have been added to corporate treasuries. Notably, BitMine Immersion Technologies purchased over 208,000 ETH, while analyst Nilesh Verma predicts ETH could reach $20,000 within six to eight months.
The active accumulation of ETH by institutional players and growing interest from public companies create a bullish sentiment among analysts, although caution is urged regarding potential risks.
