Ethereum’s $280M Surge in 24 Hours: Institutional Money Floods In

Ethereum just pulled off a gravity-defying act—sucking in nearly $280 million in a single day. Traders are calling it 'The Merge Effect 2.0,' though cynics whisper it's just hedge funds front-running the next ETF approval.

Why the frenzy? Gas fees hit a 3-month low while staking yields ticked up—a rare alignment that's got even Bitcoin maxis double-checking their portfolio allocations. DeFi protocols saw TVL spikes, and Layer 2 solutions processed transactions at speeds that'd make Visa blush.

But here's the kicker: This inflow eclipses Bitcoin's weekly tally by 40%. Either Ethereum's finally flipping the script, or Wall Street just discovered 'yield' outside Treasury bonds. Place your bets.

In brief

• Nearly $280M in Ethereum has been acquired within 24 hours by new wallets linked to whales.
• The Bitmine entity stands out with a total position exceeding 1.174 million ETH, valued at over $5.2 billion.
• ETH reserves on exchanges continue to decline, while OTC desks face a shortage.
• These dynamics could lead to a supply squeeze and open the way for a new bullish cycle for ETH.

Whales inject 280 million dollars in 24 hours

While Ethereum’s bullish cycle against Bitcoin hides an unseen risk, three new crypto addresses have accumulated a total of $279.5 million in ethereum in 24 hours, according to data published by Arkham Intelligence. This large-scale operation is attributed to Bitmine, an already known player in the ecosystem.

THREE WHALE ADDRESSES JUST BOUGHT $280M OF ETH

Three new whale addresses have just purchased a combined $279.5M of ETH in the past 24 hours.

Arkham’s AI predicts these all as Bitmine. Is Tom Lee buying EVEN MORE?

Addresses:
0x8dBf95DAa0710Ee70127C8099d10Ca68132206D4… pic.twitter.com/uyysn50TWS

The details of the accumulation reveal a rapid and concentrated buying strategy, likely anticipating a change in market dynamics. These massive acquisitions place Bitmine among the largest players in the ecosystem, with a clearly long-term stance.

Here are the key factual elements of this accumulation:

• Three new addresses were created. They proceeded with combined ETH purchases totaling $279.5 million;

• These wallets are linked to Bitmine, which now holds a total of 1.174 million ETH, approximately $5.26 billion;

• The ETH price at the time of these purchases hovered around $4,414, after a recent peak at $4,790;

• From a technical perspective, the 50-day simple moving average (SMA 50), positioned at $4,407, currently serves as the main support.

The profile of these crypto addresses suggests a desire for discretion or compartmentalization, often observed among institutional or semi-institutional investors. The timing choice, during a consolidation phase, reflects a strategic reading: buying while ETH stabilizes just below its highs, without evident signs of reversal.

Towards supply pressure: crypto exchanges dry up, OTCs under tension

Beyond visible purchases on the blockchain, other worrying signals emerge concerning available liquidity. ETH stock on exchange platforms continues to decline, while OTC desks, over-the-counter trading desks, report an increasing shortage.

This kind of setup, where available supply contracts while demand remains steady, often causes phenomena called “supply squeezes”, during which prices can soar quickly due to lack of sellers.

This supply pressure fits into a broader institutional adoption movement. Indeed, Sharplink Gaming, a listed company, has increased its exposure to Ethereum. Such initiatives show that professional investors no longer view ETH as a mere speculative asset but as a potential store of value and a strategic asset to include in long-term crypto portfolios.

This trend contributes to reinforcing the scarcity of ETH available on markets, accelerating the imbalance between supply and demand.

If this dynamic continues, the implications could be significant. A prolonged decline in ETH available for purchase could fuel a hard-to-contain bullish cycle, especially if other institutions follow Bitmine and Sharplink. However, this setup remains conditional on macroeconomic stability, regulatory developments, and Ethereum’s ability to maintain its technological attractiveness, particularly the innovations offered by the Pectra update.

Maximize your Cointribune experience with our "Read to Earn" program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.