Ethereum Surges 8.958% as Whales and ETFs Drive Demand

Ethereum's latest price was $4603.36, up 8.958% in the last 24 hours. A major crypto whale acquired 21,000 Ethereum in a single transaction, which has caught the attention of traders worldwide. Such large-scale purchases are often seen as bullish indicators, signaling that deep-pocketed investors believe in the asset’s long-term potential. The transaction adds to growing demand for Ethereum, especially as the market eyes the possibility of a broader crypto rally.

Whale transactions can have a significant impact on market sentiment. By purchasing 21,000 ETH, the investor not only tightened available supply but also sent a psychological signal to other market participants. Ethereum’s recent performance, supported by ongoing development in the DeFi and NFT sectors, may have contributed to the whale’s decision. With Ethereum staking yields and network upgrades continuing to attract attention, large investors are increasingly positioning themselves for potential gains.

While a single whale purchase doesn’t guarantee a price surge, such transactions can create a chain reaction. Traders often interpret large buys as a bullish sign, prompting more purchases and increasing short-term volatility. If more whales follow suit, Ethereum could see upward momentum in the coming weeks. For now, the demand appears to be growing — and this latest move only adds fuel to the fire.

Bitmine Immersion Technologies disclosed plans to raise as much as $20 billion for additional Ethereum acquisitions. The company already holds about $5 billion in ETH, positioning it among the largest known corporate holders of the second-largest crypto. Its heavy accumulation follows a broader trend of companies adopting digital assets in their treasury strategies, a movement that has gained pace as institutional access to crypto markets expands.

Ethereum’s share of the crypto market has been increasing in recent weeks after an extended period of underperformance relative to Bitcoin. The network hosts a large share of activity in asset tokenization, DeFi, and blockchain-based settlement systems that mirror traditional market infrastructure. These uses have been supported by recent software upgrades aimed at improving scalability and reducing transaction costs.

Regulatory developments have also shaped the current environment. In the US, the passage of the GENIUS Act has provided greater clarity for certain digital asset activities, which has been cited as a factor in renewed institutional participation. In parallel, other digital asset treasuries, including Sharplink, have increased ETH holdings, further adding to market demand. The combination of corporate accumulation, strong ETF inflows, and the potential for looser monetary policy has coincided with ETH’s highest price in nearly five years.

Ethereum ETFs accumulated ETH aggressively, with BlackRock purchasing $640 million for its ETHA fund, its best daily inflow since launch. Fidelity followed with $276.90 million, while Grayscale added $80 million. All funds except Invesco recorded net inflows during this buying spree. These Ethereum ETFs posted $1 billion in inflows on August 11, marking their best single-day performance since last year’s debut. BlackRock’s ETHA led the charge, and its inflow figure also represented a personal record for the fund. Market analysts noted that such volumes indicate growing institutional demand for Ethereum.

Since May, Ethereum ETFs have attracted billions in net inflows, reinforcing their role in the market’s upward momentum. “The scale of these inflows reflects strong confidence in Ethereum’s future,” Arkham noted in its report. This consistent buying pressure has supported Ethereum’s climb to new yearly highs. Two large Ethereum whales also entered the market, purchasing over $200 million worth of ETH outside the ETF activity. One whale acquired $137.8 million from FalconX, while the other bought $82.9 million from Galaxy Digital OTC. These acquisitions added to the day’s already significant buying volume.

SharpLink Gaming increased its Ethereum holdings by purchasing another 5,226 ETH, worth $23.1 million, according to Lookonchain data. This move brings SharpLink’s total ETH position to 604,026 ETH, valued at approximately $2.69 billion. The company recently raised $200 million to expand its Ethereum strategy further. Furthermore, SharpLink confirmed it secured $900 million in capital over the past week for its ETH acquisition plans. “Our objective remains to strengthen our Ethereum treasury position,” the company stated. This large-scale corporate buying has amplified the market’s bullish momentum.

The U.S. CPI data came in at 2.7%, which was below market expectations. This result has strengthened expectations for a September Federal Reserve rate cut. Historically, lower interest rates have supported stronger performances in risk assets such as cryptocurrencies. Ethereum ETFs have benefited from this improved macro backdrop, as investors shift toward assets with higher growth potential. Analysts note that Ethereum, being the largest altcoin, stands to gain more from such shifts in sentiment. The combination of ETF inflows, whale purchases, and favorable macro data has pushed ETH closer to its all-time high.

Arkham highlighted that the pace of accumulation remains unprecedented among crypto investment products. If this trend continues, Ethereum ETFs may play a decisive role in driving ETH beyond $4,800. U.S. spot Ether ETFs, including BlackRock’s iShares Ethereum Trust (ETHA), recorded about $1B in net inflows on August 11, marking their first significant influx day. This influx signifies growing investor interest in Ether ETFs, potentially affecting the cryptocurrency market’s trajectory by increasing demand and price movements. Prominent players such as BlackRock and Fidelity initiated substantial actions, reflecting significant demand for Ether products. This marks a pivotal moment in the crypto ETF landscape, signifying increased investor enthusiasm. The inflows indicate a growing interest in digital assets, impacting market dynamics and potentially influencing future financial strategies. The record-setting day reshapes the asset management perspective.

Recent developments surrounding Ethereum highlight significant institutional and corporate activity driving the protocol's momentum. Spot Ethereum exchange-traded funds (ETFs) in the United States experienced substantial demand on August 11, with total net inflows reaching $1.019 billion for the day. This surge in institutional investment was spearheaded by BlackRock's ETHA product.

Corporate engagement also intensified as Bitmine Immersion Technologies disclosed aggressive plans to expand its holdings of ETH tokens. The company intends to continue systematically increasing its Ethereum treasury reserves, signaling sustained confidence in the protocol's long-term utility. This corporate strategy focuses on accumulating digital assets.

Market sentiment toward Ethereum remains notably bullish. Observers report strong institutional accumulation patterns while technical analysis indicates the asset continues to navigate key resistance levels. The sustained buying pressure from major financial entities contributes to positive market structure evaluations.

Certain market projections point to substantially increased valuation targets for Ethereum in the current cycle. Concurrently, projects operating within the Ethereum ecosystem, such as Remittix, are generating notable attention within the crypto venture space. These developments occur as the broader ecosystem demonstrates robust network activity and foundational strength.