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- BitMine purchases 106,485 ETH for $470.5M, increasing holdings to $5.75B, driven by OTC deals with major institutions.
- A whale accumulates 92,899 ETH valued at $412 million, signaling growing confidence in Ethereum’s long-term value.
- By 2025, Standard Chartered anticipates that institutional interest and stablecoin adoption will push the price of ETH to $7,500.
Ethereum (ETH) has received a lot of institutional adoption, as close to $882 million in ETH purchases have been made. The biggest move was made by public Bitcoin miner BitMine Immersion Technology, which purchased 106,485 ETH at the cost of 470.5 million dollars during a 10-hour period of time. As per the transactions tracked on Lookonchain, BitMine’s holdings are valued at approximately $5.75 billion, and this acquisition adds 1.3 million ETH to that value.
Primarily, BitMine acquired its purchase by way of over-the-counter (OTC) purchase. Key players behind such deals are large institutional actors such as Galaxy Digital, FalconX, and BitGo.
BitMine is an ongoing strategic expansion aiming to raise at-the-market stock offering 24.5 billion dollars. This step reveals that large companies are getting increasingly positive about the future of Ethereum.
Ethereum’s Institutional Demand Hits New High
A whale has amassed 92,899 ETH, valued at approximately $412 million, over the past four days in order to further the institutional buying rally. The whale opened three additional wallets and made a deposit withdrawal at Kraken, which was indicative of the long-term holding plan. This demonstrates that the whales and significant crypto owners are becoming more certain of Ethereum as valuable.
Also Read: Bitcoin’s Future in the US: Bessent Details Treasury’s Budget-Neutral Plan
The purchasing is not limited to miners and whales. This week, a newly discovered entity bought $1.3 billion in ETH in 10 new wallets. This purchase exceeded the earlier $1 billion formulation by ETFs. The whale action shows us that big investors are considering Ethereum a dependable long-term investment, and this is adding to the general market enthusiasm.
Standard Chartered Sees ETH at $7,500 by 2025
Meanwhile, Standard Chartered has increased its 2025 Ethereum price forecast. The bank has updated its forecast on ETH, now estimating that ETH would go up to $7,500 as opposed to $4,000 earlier.
Source: Standard Chartered
The revision came about as a consequence of the increased institutional interest in the wake of recent changes in U.S. regulations and the rise of stablecoins. It is anticipated that ETH will reach a maximum of $12,000 by 2026, $18,000 by 2027, and $25,000 by 2028, as per the bank’s long-term forecast.
Profit-taking is beginning to set in despite the bullish market style still in place. The group of whales, 7 siblings, made a sale of 19,461 ETH worth 88.2 million dollars within 24 hours.
The Ethereum Foundation sold 2,795 ETH, or approximately 12.7 million dollars, in two transactions on Tuesday. Nevertheless, the overall sentiment in the market gives a positive outlook. As Ethereum will continue to grow exponentially due to the accumulation of institutions.
Also Read: Gemini Introduces Self-Custody Wallet and Onchain Trading Portal Amid Low Exchange Volumes
