TLDR
- BitMine and an unknown whale purchased nearly $882 million in Ethereum over recent days
- Ethereum on-chain volume reached $12.93 billion, approaching 2021 peak levels
- ETH price hit $4,792, just below its 2021 all-time high of around $4,800
- Exchange balances shrinking while institutional accumulation increases through OTC deals
- Some profit-taking emerges as 7 Siblings whale group sold $88.2 million in ETH
Ethereum price continues climbing toward record territory as institutional buyers drive massive accumulation campaigns. The world’s second-largest cryptocurrency by market cap reached $4,792 this week, coming within striking distance of its 2021 all-time high.
BitMine Immersion Technology spearheaded a major buying spree, acquiring 106,485 ETH worth approximately $470.5 million over just 10 hours. The Bitcoin mining firm executed large over-the-counter deals and direct transfers from institutional intermediaries including Galaxy Digital, FalconX and BitGo.
The company’s total Ethereum holdings now stand at 1,297,093 ETH, valued at roughly $5.75 billion. BitMine is raising $24.5 billion through an at-the-market stock offering to fund further crypto acquisitions.
Aside from #Bitmine, another mysterious institution has been buying $ETH.
Over the past 4 days, the mysterious institution created 3 new wallets and withdrew 92,899 $ETH($412M) from #Kraken.https://t.co/v7DWdOWlCShttps://t.co/ZN1q300qKShttps://t.co/V1FoJbfR5h pic.twitter.com/sX96HRqGa4
— Lookonchain (@lookonchain) August 16, 2025
An unidentified whale investor added to the buying pressure by accumulating 92,899 ETH worth around $412 million over four days. The entity created three new wallets before withdrawing funds from Kraken exchange, indicating a long-term hodling strategy.
Ethereum price prediction models suggest continued upward momentum as supply tightens. Exchange balances are shrinking while OTC reserves dry up, creating favorable conditions for price appreciation.
Ethereum On-Chain Metrics Signal Growing Demand
Network data shows Ethereum’s on-chain volume surged to $12.93 billion, approaching the $16 billion peak recorded during 2021’s bull market. This activity reflects both increased speculation and growing network utility across decentralized finance applications.
The volume spike historically coincides with major Ethereum price movements. Previous surges have either fueled breakouts to new highs or marked the beginning of consolidation periods.
Current Ethereum price action shows strong momentum above $4,400 support levels. The cryptocurrency has maintained bullish structure despite brief pullbacks from the $4,792 peak.
Institutional demand continues growing as traditional finance companies explore Ethereum exposure. Standard Chartered recently raised its 2025 Ethereum price target to $7,500, citing institutional accumulation and regulatory clarity.
Ethereum Price Prediction
Ethereum price trades above key moving averages on the weekly chart timeframe. The 50-week moving average sits at $2,771, while the 100-week and 200-week averages are at $2,761 and $2,442 respectively.
Price action broke above these long-term trend indicators, confirming the transition into bullish territory after months of consolidation. The $4,800 to $5,000 zone represents the next major resistance level for Ethereum price.
Technical analysts point to potential targets between $5,500 and $6,000 if momentum continues above the all-time high. A sustained breakout above $5,000 would open the path toward uncharted territory for Ethereum price discovery.
However, some profit-taking has emerged near current levels. The whale group known as 7 Siblings sold 19,461 ETH worth $88.2 million at an average price of $4,532 over 24 hours.
The Ethereum Foundation also sold 2,795 ETH valued at approximately $12.7 million in two separate transactions this week. These sales represent routine treasury management rather than bearish sentiment.
Bitcoin’s market cycle appears to be entering its final bull phase, which typically precedes capital rotation into altcoins like Ethereum. Many crypto analysts believe this could mark the beginning of altseason.
Exchange data shows continued outflows as institutional buyers remove ETH from trading platforms. This supply squeeze combined with growing demand creates favorable conditions for Ethereum price appreciation.
BitMine’s aggressive accumulation strategy positions the mining firm as a major Ethereum treasury company. The company’s holdings represent one of the largest corporate ETH positions in the cryptocurrency space.
