Ethereum surged to a new all-time high of $4,886 on Friday, marking a 14% daily gain and breaking through its previous 2021 peak. This breakout highlights ETH's ongoing bullish trend and growing dominance in the crypto market, particularly as Bitcoin consolidates. Institutional interest appears to be a key driver, with large players aggressively accumulating ETH positions.
According to Arkham Intelligence, Tom Lee's Bitmine has reportedly purchased $45 million worth of ETH and now holds a staggering $7 billion in Ethereum treasury—approximately 1.518 million ETH, or 1.3% of the total supply. This would make Bitmine the largest corporate holder of Ethereum. SharpLink Gaming follows as the second-largest corporate holder with 729,000 ETH valued at around $3.2 billion.
However, these claims remain unverified. A second report emphasizes that Bitmine's alleged $45.6 million ETH purchase lacks confirmation from primary sources, official statements, or on-chain evidence. The $45.6 million figure overlaps with HIVE Digital Technologies' Bitcoin mining revenue, further clouding the narrative. Market analysts note that Ethereum's recent momentum is more closely tied to ETF inflows than unsubstantiated entity purchases.
Despite the uncertainty, Ethereum's weekly chart shows a powerful rebound, with ETH breaking through key resistance levels and moving averages. The 50-week SMA has turned upward above the 100 and 200-week SMAs, signaling a strengthening long-term bullish trend. Key support levels to watch are $4,300 and $3,800 in case of a retracement.