Crypto: Ethereum Attracts $280M in Just 24 Hours

Within 24 hours, new wallets have acquired nearly 280 million dollars in Ethereum, while the asset trades just below its yearly highs. This sudden accumulation, spotted by on-chain analysts, raises questions: are we witnessing a simple strategic accumulation phase or the precursor signal of a larger bullish movement?

Whales inject 280 million dollars in 24 hours

While Ethereum’s bullish cycle against Bitcoin hides an unseen risk , three new crypto addresses have accumulated a total of $279.5 million in Ethereum in 24 hours, according to data published by Arkham Intelligence. This large-scale operation is attributed to Bitmine, an already known player in the ecosystem.

The details of the accumulation reveal a rapid and concentrated buying strategy, likely anticipating a change in market dynamics. These massive acquisitions place Bitmine among the largest players in the ecosystem, with a clearly long-term stance.

Here are the key factual elements of this accumulation:

• Three new addresses were created. They proceeded with combined ETH purchases totaling $279.5 million;

• These wallets are linked to Bitmine, which now holds a total of 1.174 million ETH, approximately $5.26 billion;

• The ETH price at the time of these purchases hovered around $4,414, after a recent peak at $4,790;

• From a technical perspective, the 50-day simple moving average (SMA 50), positioned at $4,407, currently serves as the main support.

The profile of these crypto addresses suggests a desire for discretion or compartmentalization, often observed among institutional or semi-institutional investors. The timing choice, during a consolidation phase, reflects a strategic reading: buying while ETH stabilizes just below its highs, without evident signs of reversal.

Towards supply pressure: crypto exchanges dry up, OTCs under tension

Beyond visible purchases on the blockchain, other worrying signals emerge concerning available liquidity. ETH stock on exchange platforms continues to decline, while OTC desks, over-the-counter trading desks, report an increasing shortage.

This kind of setup, where available supply contracts while demand remains steady, often causes phenomena called “supply squeezes”, during which prices can soar quickly due to lack of sellers.

This supply pressure fits into a broader institutional adoption movement. Indeed, Sharplink Gaming, a listed company, has increased its exposure to Ethereum . Such initiatives show that professional investors no longer view ETH as a mere speculative asset but as a potential store of value and a strategic asset to include in long-term crypto portfolios.

This trend contributes to reinforcing the scarcity of ETH available on markets, accelerating the imbalance between supply and demand.

If this dynamic continues, the implications could be significant. A prolonged decline in ETH available for purchase could fuel a hard-to-contain bullish cycle, especially if other institutions follow Bitmine and Sharplink. However, this setup remains conditional on macroeconomic stability, regulatory developments, and Ethereum’s ability to maintain its technological attractiveness, particularly the innovations offered by the Pectra update .