An unidentified entity has been actively accumulating Ethereum (ETH) over the past week, purchasing 221,166 ETH as the asset rose by 21%.
According to data analysis platform Lookonchain, this "mysterious institution" bought $212 million worth of Ethereum in just the past 24 hours.
The whale tracking agency stated that the entity uses six different wallets to store its Ethereum acquired from Galaxy Digital, FalconX, and BitGo. The wallet holding the most Ethereum is valued at $181 million, while the one holding the least is valued at $128 million.
According to Glassnode data, during this buying spree, the number of Ethereum addresses holding more than 10,000 ETH reached 868,886 on Saturday, marking a new high for the year.
On Monday, Ethereum's market capitalization soared to $523 billion, driven by a 21% increase in the past seven days and breaking the $4,000 milestone. As of the time of writing, ETH is trading at $4,332.
According to CompaniesMarketCap data, Ethereum's market cap has surpassed that of payment giant Mastercard, which currently has a market cap of $519 billion.
According to CoinGecko's report on Saturday, publicly listed companies holding Ethereum in their treasuries have accumulated over 304,000 ETH in the past week, worth more than $1.3 billion.
BitMine Immersion Technologies purchased the largest share of ETH, acquiring over 208,000 ETH worth more than $900 million in the past week, followed by SharpLink Gaming, which bought $303 million worth of Ethereum.
Technical analysts have also turned bullish on Ethereum, with some predicting that the asset could reach $20,000 for the first time in the coming months.
Analyst Nilesh Verma stated that based on historical price fractals, ETH could reach the $20,000 milestone within the next 6 to 8 months.
Meanwhile, technical analyst Merlijn The Trader predicts that the asset could exceed $20,000, and may even surpass that level.
On the other hand, some industry experts are advising investors to remain cautious.
Ethereum co-founder Vitalik Buterin supports companies buying Ethereum and holding it in their respective treasuries; however, he warned that this should not turn into an "over-leveraged game," which could lead to the asset's decline.
Related: Arthur Hayes buys back Ethereum (ETH) at a higher price, vows never to sell again
Original article: “Mysterious Institution Buys Nearly $1B Worth of Ether in a Week”
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