Blockchain analytics firm Arkham Intelligence reported Sunday that one unnamed address purchased approximately $300 million worth of Ether through OTC trades via Galaxy Digital. The address currently holds 79,461 ETH, valued at around $282.5 million. 

Meanwhile, institutional demand continued to rise. BlackRock’s iShares Ethereum Trust ETF saw a staggering $1.7 billion in inflows over the past 10 consecutive trading sessions. 

Institutional Demand and ETF Inflows Drive Ethereum Accumulation 

This rising interest is also reflected in Ethereum’s onchain ETF holdings. According to Dune Analytics, Ether held in ETFs surged by more than 40% over the past 30 days. 

Glassnode data confirmed a sharp increase in the number of Ethereum “mega whale” addresses. Since early July, more than 200 new addresses holding over 10,000 ETH have been added to the network. 

Many of these addresses belong to centralized exchanges, custodians, and ETF products—highlighting a strategic accumulation trend. 

Dip Followed by Buying Frenzy: How the Market Reacted 

Ethereum dropped below the $3,400 level over the weekend but rebounded on Monday, regaining the $3,560 mark. 

Monika Mlodzianowska, Director of Strategic Partnerships at CoinW exchange, noted that a cooling labor market initially triggered investor caution. However, renewed expectations for monetary easing are likely to fuel liquidity and bolster crypto prices. 

During the same period, Eric Trump — son of U.S. President Donald Trump — urged his followers on X to “buy the ETH dip.” Meanwhile, CNBC referred to Ethereum as “Wall Street’s invisible backbone” in a Saturday feature. 

Historically, Ethereum’s August performance has been mixed. The asset posted double-digit losses in 2023 and 2024 but soared over 35% in August 2021 during the bull run. As a result, investors remain focused on both historical patterns and onchain signals. 

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The company acquired 60,582 ETH in the past five days alone, spending approximately $180 million. In the last 24 hours, it added another 16,374 ETH, boosting its investment by $50 million. The ETH stash was built at an average price of $2,667. 

SharpLink’s total ETH position now reflects an unrealized profit of $81.8 million. This move is widely seen as an Ethereum-focused strategy similar to MicroStrategy’s Bitcoin (BTC) playbook. 

OTC Deals and Growing Institutional Demand for Ethereum 

Last week, SharpLink attracted attention by closing a 10,000 ETH deal directly with the Ethereum Foundation. These over-the-counter (OTC) transactions helped avoid market volatility. 

On-chain data from EmberCN confirms the total ETH holdings, while investors are increasingly turning to SBET shares. The stock has surged 60% in the past month and 275% since the start of the year, signaling growing institutional interest. 

Meanwhile, other firms like GameSquare have started building their own ETH reserves in response to this bold move. 

Ethereum ETFs Break Records as Price Surges Past $3,000 

Ethereum’s price has climbed 18% over the past week, breaking above the $3,000 mark. Daily trading volume rose 43% to $25 billion, showing strong market momentum. 

Institutional interest became even more evident with $900 million inflows into Ethereum ETFs last week — the strongest weekly inflow since their mid-2024 launch. 

Eric Jackson, founder of EMJ Capital, stated that staking-enabled ETH ETFs are expected before October 2025. He emphasized this could make Ethereum the first yield-generating crypto ETF in U.S. history. Analysts predict $10,000 ETH is a likely outcome if expectations hold. 

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Speaking to Cointelegraph, Newson said that uncovering the truth behind the April crash would require a full forensic study — similar to the one conducted after the collapse of FTX.

OTC Deals Obscure the Full Picture

In an April 15 interview with Coffeezilla, John Mullin, CEO of Mantra, admitted that the team had engaged in up to $30 million worth of OTC deals. These trades, unlike on-chain transactions, are carried out off exchanges and lack public transparency.

“The whale’s accumulation of 100 million OM tokens appears to stem from secondary market activity — not direct action by Mantra insiders,” Newson explained.

Arkham and Nansen Cannot Offer Final Answers

Mullin has denied any insider dumping, arguing that Arkham mislabelled several wallets. But Newson said that even data from Arkham or Nansen would not suffice:

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“To confirm insider coordination, more than basic wallet tracing is needed. Without offchain agreements or exchange records, reaching definitive conclusions is extremely difficult.”

Audit Still Not Confirmed

Mullin said the team is considering hiring a forensic auditor, though no decision has been made yet. Mantra has asked centralized exchanges to collaborate in analyzing the incident.

Frank Weert, co-founder of Whale Alert, also noted the difficulty in obtaining complete transaction histories, even at the node level.

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