Ether Accumulation Heats Up: BitMine and Whale Scoop $882M in ETH

Institutional demand for Ether is intensifying, with two big players making massive moves in recent days.

• BitMine Immersion Technology acquired 106,485 ETH ($470.5M) via OTC deals and intermediaries.
• A whale accumulated 92,899 ETH ($412M), withdrawing funds into fresh wallets from Kraken.
• BitMine is also raising $24.5B via an ATM stock offering, while SharpLink raised $389M.
• Standard Chartered upgraded its ETH price targets to $7,500 (2025) and $25,000 (2028).
• Profit-taking emerges as ETH nears ATH, with major whale groups and even the Ethereum Foundation selling.

Institutional appetite for Ethereum is showing no signs of cooling. Blockchain data revealed that public Bitcoin mining firm BitMine Immersion Technology has purchased 106,485 ETH worth $470.5 million within just 10 hours. This addition brings its total ETH holdings to over 1.29 million ETH, valued at nearly $5.75 billion. Much of this was acquired through large over-the-counter (OTC) deals and direct transfers from big intermediaries like Galaxy Digital, FalconX, and BitGo.

At the same time, an unidentified whale has been on an accumulation spree, quietly picking up 92,899 ETH (~$412 million) over the past four days. The entity created three fresh wallets and withdrew the ETH directly from Kraken, hinting at a long-term storage strategy rather than short-term trading.

Corporate interest is also surging. Alongside its accumulation, BitMine is raising $24.5 billion via an at-the-market (ATM) stock offering, while SharpLink completed a $389 million capital raise. The broader whale community has also been active, with another new entity recently purchasing $1.3 billion in ETH across 10 wallets — surpassing ETF inflows seen earlier this week.

Fueling the optimism, Standard Chartered raised its ETH forecast to $7,500 by 2025, with longer-term projections reaching $25,000 by 2028, citing institutional accumulation and growing stablecoin adoption.

Still, as ETH flirts with new highs, signs of profit-taking are emerging. The whale group known as 7 Siblings sold nearly 19,500 ETH ($88M) within a day, while the Ethereum Foundation offloaded 2,795 ETH ($12.7M) in separate transactions.

Final Thought

While profit-taking is natural at these levels, the scale of institutional accumulation signals that Ethereum’s long-term trajectory remains bullish. With miners, whales, and banks all converging on ETH, the asset looks poised for a defining growth cycle.