$5B Bitcoin OG Resumes Ethereum Buying Spree, Scoops Up to $1B in ETH

A Bitcoin whale has been spotted shifting focus to the Ethereum spot market. The Bitcoin OG whale, with a Bitcoin balance exceeding $5 billion, purchased over $1 billion worth of Ether through the Hyperliquid platform on Friday.

Bitcoin Whale Continues To Accumulate Ethereum

According to on-chain data analysis from Arkham Intelligence, a Bitcoin whale that purchased $2.5 billion worth of ETH last week has returned. On Friday, the whale spent $1.1 billion to buy spot Ethereum through the Hypeinit platform. 

Notably, the whale investor currently holds over 46.8k Bitcoins, valued at over $5 billion, which leaves more buying power for ETH. The whale investor has distributed the crypto holdings in different addresses, which are tracked and analyzed by Arkham Intelligence.

As CoinGape reported, this Bitcoin whale began selling BTC to buy Ethereum last week. Before the latest purchases, the whale had already bought up to 641,508 ETH, worth around $2.94 billion.

Similar to the latest purchases, the whale dumped his BTC through Hyperliquid and then bought spot ETH. There were instances where the whale also opened long positions on Ethereum.

Institutions Are Also Buying ETH

According to market data from SoSoValue, the U.S. spot Ether ETFs have recorded a net cash inflow of about $1.25 billion this week. Since the beginning of August, spot Ether ETFs have recorded over $4 billion in total net inflows. However, this is below the $5.5 billion in inflows that they recorded in July. 

Meanwhile, Ethereum treasury companies continue to buy ETH at an unprecedented pace. Crypto data aggregator CoinGecko revealed that these companies bought a total of 247,033 ETH over the past week.

Tom Lee’s Bitmine, which boasts the largest Ethereum treasury, bought 190,500 ETH during this period even as the ETH price set a new all-time high (ATH) of $4,946. The company now holds 1.7 million ETH, worth around $7.7 billion, and almost twice the holdings of the second-largest corporate holder, Sharplink.

Sharplink, the second-largest holder, purchased 56,533 ETH at an average price of $4,462 over the past week, spending $252.2 million in the process. It now holds 797,704 ETH, which is worth around $3.6 billion.

Ethereum Treasury Companies Are Dominating

Meanwhile, market commentator Milk Road revealed that since July, Ethereum treasury companies have been buying far more ETH than Bitcoin treasury companies have been buying BTC. These ETH treasury companies have announced more purchases than the BTC companies every week during this period, except on one occasion.

As a result, Milk Road noted that ETH’s supply is “tightening hard” as the Ethereum ETFs and treasury companies are buying far more supply than the network is issuing. These institutions are buying and locking 35.77 ETH for every 1 ETH that the network issues.