In 2023, over 5 million ETH worth $23 billion have flowed into corporate treasuries and ETFs, alongside significant staking activities.
Rise of Ethereum Accumulation in Corporate Treasuries
This year, more than 5 million ETH have entered corporate treasuries and ETFs. Over 35.6 million ETH is currently staked with validators, representing nearly 30% of the total supply. This results in sharper price reactions to new demand.
BitMine: Leader Among Ethereum Holders
BitMine, under the leadership of Tom Lee, has recently boosted its Ethereum holdings by $358 million. Now holding 1.95 million ETH valued at over $8.6 billion, BitMine stands as the leader among public Ethereum holders, surpassing SharpLink Gaming by more than double. In just one week, the company added over 150,000 ETH.
Future of Ethereum and Market Implications
Tom Lee suggests that Ethereum's current position is analogous to Bitcoin's moment in 2017. He also highlights the potential for the Federal Reserve to cut rates in September, which could enhance liquidity and solidify Ethereum's role as an institutional reserve asset.
The situation in the Ethereum market warrants close attention. Increased holdings by players like BitMine and active staking processes might set the stage for continued growth.
