$1B ETH Buy: Bitcoin Whale Resumes Ethereum Accumulation
Bitcoin Whale Continues Ethereum Buying Spree
A major Bitcoin investor, often referred to as a Bitcoin OG, has been observed increasing their holdings in Ethereum. This investor, holding over $5 billion in Bitcoin, reportedly purchased over $1 billion worth of Ether via the Hyperliquid platform on Friday.
According to data from Arkham Intelligence, this isn't the whale's first foray into Ethereum. Last week, the same entity acquired $2.5 billion worth of ETH. The latest purchase involved spending $1.1 billion on spot Ethereum through Hyperliquid.
The investor's Bitcoin holdings, exceeding 46.8k BTC (over $5 billion), suggest further Ethereum acquisitions could be on the horizon. The whale strategically distributes crypto assets across multiple addresses, a practice tracked by Arkham Intelligence.
This activity follows reports from last week, where the Bitcoin whale began selling BTC to acquire Ethereum. Before these recent transactions, the whale had accumulated 641,508 ETH, valued at approximately $2.94 billion.
The whale's strategy involves offloading BTC through Hyperliquid and then purchasing spot ETH. There were also instances of opening long positions on Ethereum.
Institutional Interest in ETH on the Rise
Data from SoSoValue indicates significant inflows into U.S. spot Ether ETFs, reaching approximately $1.25 billion this week. Total net inflows for August have surpassed $4 billion, although this is less than the $5.5 billion recorded in July.
Furthermore, Ethereum treasury companies are actively increasing their ETH holdings. CoinGecko data reveals these companies collectively purchased 247,033 ETH in the past week.
Tom Lee’s Bitmine, the largest Ethereum treasury, acquired 190,500 ETH during this period, even as the ETH price reached a new all-time high (ATH) of $4,946. Bitmine now holds 1.7 million ETH, valued at around $7.7 billion.
Sharplink, the second-largest holder, added 56,533 ETH at an average price of $4,462, spending $252.2 million. Their total holdings now stand at 797,704 ETH, worth approximately $3.6 billion.
ETH Treasury Companies Show Strong Accumulation
Market analysis from Milk Road highlights that Ethereum treasury companies have been consistently buying more ETH than Bitcoin treasury companies have been buying BTC since July, with only one exception.
$ETH DATs > $BTC DATs
Since July, $ETH treasury companies have been stacking far more $ETH than $BTC treasuries have been buying $BTC.
They’ve outpaced every week but one.
The balance of power is quietly shifting. pic.twitter.com/7nTqePMCic
— Milk Road (@MilkRoadDaily) August 29, 2025
According to Milk Road, this trend is causing ETH's supply to tighten, as Ethereum ETFs and treasury companies are acquiring significantly more ETH than the network is issuing. For every 1 ETH created, 35.77 ETH are being bought and locked away.
$ETH supply is tightening hard.
ETFs and strategic treasuries are swallowing far more supply than the network is issuing.
For every 1 ETH created, 35.77 ETH are being bought and locked away. pic.twitter.com/DiM7I1pa9M
— Milk Road (@MilkRoadDaily) August 29, 2025