Institutional demand for Ethereum (ETH) surged as blockchain data revealed $882 million in acquisitions by major players. Bitcoin mining firm BitMine Immersion Technologies purchased 106,485 ETH ($470.5 million) in 10 hours via OTC deals with Galaxy Digital, FalconX, and BitGo, bringing its total holdings to 1,297,093 ETH ($5.75 billion). Separately, an unidentified whale accumulated 92,899 ETH ($412 million) over four days through new wallets, withdrawing funds from Kraken for long-term storage.
Concurrently, Standard Chartered Bank significantly upgraded its ETH forecasts, raising the 2025 target to $7,500 (from $4,000) and projecting $25,000 by 2028, citing institutional accumulation and stablecoin adoption momentum. BitMine further expanded its position with an additional 28,650 ETH ($129.9 million) purchase, totaling 1.174 million ETH ($5.26 billion) per separate reports.
Despite bullish indicators, profit-taking emerged near ETH's $4,800 all-time high. The '7 Siblings' whale group sold 19,461 ETH ($88.2 million) at $4,532 average, while the Ethereum Foundation offloaded 2,795 ETH ($12.7 million). Technically, ETH holds critical support at $4,347 (50-period MA) amid shrinking exchange reserves, signaling supply constraints that could fuel further upside if resistance breaks.