Institutional Interest in Ethereum
A newly established wallet has purchased $32 million in Ethereum through the OKX exchange at an average entry price of $3,824, according to Arkham intelligence data. The acquisition signals sustained institutional interest as corporate entities continue building positions in Ethereum despite mixed sentiment across broader markets.
SharpLink and Bitmine Immersion Technologies disclosed accumulations of 203,826 and 19,271 Ethereum, respectively, last week. These purchases carry values of $792 million and $74.9 million at current pricing levels, with Ethereum trading around $3,882 following a 1.2% daily increase.
Jamie Elkaleh, Chief Marketing Officer at Bitget Wallet, suggested the fresh wallet's purchase likely stems from digital asset treasury inflows. The accumulation pattern has bolstered institutional participation and enhanced liquidity within Ethereum markets, creating positive momentum for the asset.
Comparison with ETF Flows and Other Assets
Corporate and whale interest in Ethereum contrasts sharply with exchange-traded fund flows recorded this week. U.S. spot Bitcoin ETFs attracted $335.43 million in weekly inflows as of Wednesday, while Ethereum products experienced net outflows totaling $22.80 million over the identical period, according to SoSoValue tracking.
A Solana whale that acquired tokens four years ago has transferred 515,000 coins valued at approximately $93 million to an exchange over the past four months. On-chain analysis from EmberCN revealed the address maintains holdings of 828,000 Solana worth $150 million despite the substantial distribution activity.
Elkaleh interpreted the Solana selling pressure as indicating waning whale confidence in the asset, potentially driven by scalability concerns or increasing competitive pressure. The movement implies a market preference shift toward Ethereum ecosystem opportunities rather than alternative layer-1 platforms.
A Bitcoin whale that established a 1,107 coin short position on Oct. 22 closed the trade one day later, securing $835,000 in profits. Analytics platform Hyperdash reported this marked the investor's seventh consecutive winning trade, accumulating over $6.6 million in gains throughout the past week alone.
The Bitcoin short closure coincides with technical signals suggesting the leading digital asset has entered an undervalued zone. Elkaleh noted this positioning could indicate a potential market bottom, though broader recovery across digital asset markets would be necessary to confirm a sustained reversal in price trends.