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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.