SharpLink is making bold moves to ramp up its Ethereum treasury. According to data from Lookonchain, SharpLink transferred $145 million USDC to Galaxy Digital’s OTC wallet, which means that another big Ethereum buy is likely on the way.
BitMine Immersion recently announced a massive Ethereum purchase, 566,776 ETH worth over $2 billion. It has now overtaken SharpLink’s ETH stash, claiming the top spot among corporate ETH holders.
A total of 2.31 million ETH, worth $8.65 billion, is now held in strategic reserves by 63 participants, accounting for 1.92% of Ethereum’s total supply. Ethereum treasuries have skyrocketed from $23 million to $8.6 billion in just a few months months. BitMine and SharpLink are leading the charge, backed by crypto heavyweights Tom Lee and Joseph Lubin. The ETH treasury race is real and it’s accelerating fast.
Ethereum ETF inflows have also been doing great lately. BlackRock’s Ethereum ETF (ETHA) is on a tear, adding 120K ETH worth $430M on Friday alone, pushing total holdings to nearly 3 million ETH. Spot ETH ETFs have posted 16 straight days of inflows and outperforming Bitcoin ETFs by a huge margin.
Whales and Fresh Wallets Drive ETH Surge
Fresh wallets are on a buying spree as 42,788 ETH worth $159 million were added today alone. Since July 9, eight new wallets have scooped up a massive 583,248 ETH worth $2.17 billion. Analyst Ali Martinez also notes that whales have been loading up over the past two weeks as they have snapped up 1.13 million ETH worth a staggering $4.18 billion.
He also shared that 170 new whales holding over 10,000 Ethereum have joined the network in the past month. This is a strong sign of growing institutional interest.
170 new whales holding over 10,000 Ethereum $ETH have joined the network in the past month. This is a strong sign of growing institutional interest! pic.twitter.com/q06HrHx9iE
— Ali (@ali_charts) July 26, 2025
Is $5,000 Next?
Ethereum whale-held supply is dipping, but prices keep climbing. This is a key shift since June 2025. Unlike February’s pump, this trend points to healthier, sustainable growth, and not a pump by few big-players.
Ethereum is up 24% this week and 56% this month. With strong institutional inflows, major treasury buys and record ETF demand, analysts note that if TH flips the $3,800–$4,000 zone into support, $5,000 is not far.
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