- ETH has seen growing interest from corporate treasuries.
- Is the institutional interest enough to push ETH to the $3K psychological level?
Strategic Ethereum [ETH] Reserve (SER) has picked up momentum to rival booming Bitcoin and Solana [SOL] corporate treasuries.
Institutions and even the state of Michigan collectively own $2.1 billion of ETH (789,905 coins).
Ethereum Foundation, Coinbase, and Golem Foundation top the charts on the leaderboard.
Source: SER
The U.S government holding was 59,965 ETH while the state of Michigan has 4000 ETH. The Royal government of Bhutan, a prominent BTC miner, accumulated 495 ETH.
Will institutional demand fuel ETH?
A similar growing demand for corporate treasury in the BTC ecosystem, from firms like Strategy, has fueled BTC prices. Will ETH record a similar growth?
According to CryptoQuant, ETH demand was mainly concentrated in the hands of large players, likely institutions.
Since late 2024, large holders with 10K-100K ETH (blue) and 1K-10K ETH (orange) have increased their holdings since mid-2024.
Source: CryptoQuant
These two whale categories had 16.7 million ETH and 12.5 million ETH, respectively.
But, those with 100-1K ETH, likely retail (green), have reduced their holdings from about 14 million ETH to 9 million ETH.
In other words, institutions were dominant in the ETH market, and the growing strategic reserve trend could fuel further accumulation and value appreciation.
That said, ETH has recovered over 90% from its April low of $1,385 and briefly retested $2.7K for the first time since February. Analysts linked the rally catalysts to a successful Pectra upgrade and renewed risk-on sentiment.
Source: ETH/USDT, TradingView
Now, ETH was back to the August-November 2024 price range of $2.3K-$2.8K. Escaping the range and clearing the overhead resistance at $3K (red zone) would confirm further upside move. Otherwise, a brief cool-off may be likely.
Despite the strong rebound, there was still criticism against ETH on Crypto Twitter (CT).
According to Zach Rynes, Chainlink’s community liaison, ETH was in a three-pronged fight and was far from winning.
Source: X
Although other market watchers disagreed with Rynes’ opinions, the ETH market appeared strongly positioned for further upside.
CoinGlass data revealed that Binance’s top traders increased their ETH long positions from 63% in early May to 74% over the past four days. Simply put, smart money was still bullish on ETH despite its massive 90% recovery.
- ETH has seen growing interest from corporate treasuries.
- Is the institutional interest enough to push ETH to the $3K psychological level?
Strategic Ethereum [ETH] Reserve (SER) has picked up momentum to rival booming Bitcoin and Solana [SOL] corporate treasuries.
Institutions and even the state of Michigan collectively own $2.1 billion of ETH (789,905 coins).
Ethereum Foundation, Coinbase, and Golem Foundation top the charts on the leaderboard.
Source: SER
The U.S government holding was 59,965 ETH while the state of Michigan has 4000 ETH. The Royal government of Bhutan, a prominent BTC miner, accumulated 495 ETH.
Will institutional demand fuel ETH?
A similar growing demand for corporate treasury in the BTC ecosystem, from firms like Strategy, has fueled BTC prices. Will ETH record a similar growth?
According to CryptoQuant, ETH demand was mainly concentrated in the hands of large players, likely institutions.
Since late 2024, large holders with 10K-100K ETH (blue) and 1K-10K ETH (orange) have increased their holdings since mid-2024.
Source: CryptoQuant
These two whale categories had 16.7 million ETH and 12.5 million ETH, respectively.
But, those with 100-1K ETH, likely retail (green), have reduced their holdings from about 14 million ETH to 9 million ETH.
In other words, institutions were dominant in the ETH market, and the growing strategic reserve trend could fuel further accumulation and value appreciation.
That said, ETH has recovered over 90% from its April low of $1,385 and briefly retested $2.7K for the first time since February. Analysts linked the rally catalysts to a successful Pectra upgrade and renewed risk-on sentiment.
Source: ETH/USDT, TradingView
Now, ETH was back to the August-November 2024 price range of $2.3K-$2.8K. Escaping the range and clearing the overhead resistance at $3K (red zone) would confirm further upside move. Otherwise, a brief cool-off may be likely.
Despite the strong rebound, there was still criticism against ETH on Crypto Twitter (CT).
According to Zach Rynes, Chainlink’s community liaison, ETH was in a three-pronged fight and was far from winning.
Source: X
Although other market watchers disagreed with Rynes’ opinions, the ETH market appeared strongly positioned for further upside.
CoinGlass data revealed that Binance’s top traders increased their ETH long positions from 63% in early May to 74% over the past four days. Simply put, smart money was still bullish on ETH despite its massive 90% recovery.
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