As a result, the ETH/BTC ratio reached a yearly peak. Digital asset treasuries now hold 2% of circulating Ethereum, up from just 0.2% two months ago. This surge is supported by both spot ETF investments and corporate demand. 

U.S.-based spot Ethereum ETFs have collected around $9.4 billion since June 2. Meanwhile, corporate digital asset treasuries now control over 2% of circulating ETH. Projects like Tom Lee’s BitMine Immersion and Joe Lubin’s SharpLink Gaming have absorbed approximately 3.7% of ETH supply since June. Considering Ethereum’s market value is about one-fifth of Bitcoin, this is a notable figure. 

Additionally, VolatilityShares’ 2x Ether ETF has increased its exposure by roughly 456,000 ETH since June, representing 61% of CME ETH futures open interest. This demonstrates sustained investor interest in both spot and leveraged ETH products. 

Bitcoin Positions Turn Cautious 

On the Bitcoin side, listed derivatives cooled after last week’s higher-than-expected PPI release. July PPI rose 0.9% month-on-month versus 0.2% consensus. The data pushed BTC from roughly $121,000 to $117,700 within minutes. Over $1 billion in crypto liquidations occurred in a short period. CME Bitcoin futures premiums dropped from double digits to 5.5%, while notional CME open interest stands at around 143,000 BTC, and perpetuals near 300,000 BTC. K33 notes this setup may increase volatility in either direction. 

Spot Bitcoin ETF assets ended Q2 at a record $134.6 billion, supported by price gains and renewed allocations. Institutional disclosures via 13F filings show $33.6 billion in holdings. However, weekly BTC net flows in August were limited or slightly negative, while ETH products continued to attract capital. Recent data shows average daily BTC spot volume near $3.4 billion, spiking above $6 billion on August 14 after PPI volatility. 

The 90-day BTC-ETH correlation remains balanced, while links to gold and the S&P 500 are weaker. According to K33, this leaves room for two-way price movements. 

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While Ethereum celebrates its 10th anniversary and aims to surpass $4,000 after a 56% monthly gain, institutional players now hold a combined strategic reserve worth over $10 billion. Recent aggressive acquisitions by firms like Bitmine Technologies, SharpLink Gaming, and The Ether Machine pushed corporate holdings to 2.73 million ETH. On its 10th birthday, Ethereum trades around $3,865, aiming for a potential breakout. 

Strategic ETH Reserves Climb as Ether Machine Ranks Third 

In the ongoing race for ETH accumulation, companies like SharpLink Gaming and Bitmine Technologies are expanding their holdings aggressively, now owning over 1 million ETH combined. The Ether Reserve, a subsidiary of The Ether Machine, recently acquired 15,000 ETH, surpassing the Ethereum Foundation and becoming the third-largest ETH treasury holder. 

The Ether Machine purchased 15,000 ETH on July 30 at an average price of $3,809.97 per token, totaling approximately $56.9 million. This acquisition raised the company’s committed ETH holdings to 334,757. The company also disclosed that it holds up to $407 million in reserve for future Ethereum purchases. Commenting on the development, The Ether Machine stated: 

“We couldn’t think of a better way to celebrate Ethereum’s 10th birthday than by deepening our commitment to Ether. We’re just getting started. Our goal is to accumulate ETH long-term, grow it with compounding yield, and support it—not only as a financial asset but also as the backbone of a new internet economy.” 

Ethereum co-founder Joseph Lubin marked the 10th anniversary by emphasizing the network’s resilience and uptime: 

“Ethereum has proven itself to be the definition of antifragile, with zero downtime since the genesis block in 2015. It continues to evolve as a trusted layer of trust for our rapidly growing digital world.” 

BlackRock-Led Ether ETFs See Massive Inflows 

As seen in the chart above, institutional ETH accumulation continues to rise. Spot Ether ETFs are approaching 6 million ETH in total assets, with BlackRock’s ETHA alone holding more than 3 million ETH and managing over $11 billion in assets. 

Following the U.S. Securities and Exchange Commission’s (SEC) recent approval of BlackRock’s ETH share offering, the spot Ether ETF market is expected to grow. Analysts predict ETF shares could launch by late 2025 or early 2026. This development may drive further institutional inflows and accelerate the race for ETH reserves. 

Additionally, ETH has gained around 56% over the past month and is currently trading at $3,865. Bulls are targeting a break above the $4,000 level, which could set the stage for a move toward all-time highs.

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