Big companies are gobbling up Ethereum (ETH) like crazy, leaving the Ethereum Foundation in the dust. This massive institutional buying spree is changing the game.
The Foundation’s Fall From Grace
The Ethereum Foundation, once the top dog in ETH holdings, has been bumped down to fourth place. New players like Bitmine Immersion Tech, SharpLink Gaming, and The Ether Machine have zoomed past them. This shows a power shift from the early developers to major corporations. It also suggests that big institutions really believe in Ethereum’s future. The Foundation held around 234,000 ETH at the end of July, while these new companies bought a whopping 416,000 ETH in just one week! The Foundation seems to be selling ETH near price peaks, likely to cover things like developer salaries.
Institutional ETH Reserves Hit a Record
The total amount of ETH held by institutions is now over $10 billion! That’s a huge milestone. This massive reserve, about 2.27% of all ETH, is spread across 64 different companies. Bitmine Immersion Tech is still leading the pack with over 625,000 ETH. SharpLink Gaming and The Ether Machine are close behind.
The Current Market
At the time of writing, one ETH was worth around $3,629, down about 6% in the last 24 hours. However, trading volume is up about 8%.