Rising institutional interest?

A newly created wallet purchased $32 million in Ethereum via OKX at an average price of $3,824, signaling continued institutional interest in the cryptocurrency despite mixed market sentiment. Companies like SharpLink and Bitmine Immersion Technologies also made large Ethereum purchases worth $792 million and $74.9 million, respectively.

Analysts suggest these accumulations reflect growing institutional participation and liquidity in Ethereum markets. However, Ethereum ETFs saw $22.8 million in outflows, contrasting with $335.4 million in Bitcoin ETF inflows this week.

Meanwhile, a Solana whale transferred 515,000 SOL (≈$93 million) to an exchange but still holds 828,000 SOL (≈$150 million). Analysts interpret this as declining whale confidence in Solana and a shift of market focus toward Ethereum.

Separately, a Bitcoin whale closed a 1,107 BTC short position for an $835,000 profit, marking their seventh straight winning trade and over $6.6 million in weekly gains. This move aligns with signs that Bitcoin may be undervalued, though broader market recovery is still uncertain.

Source: CoinMarketCap (original article)