The withdrawal of ETH from the continuous buying and selling markets is bullish for its price.
Among corporate treasuries, BitMine stands out, with almost 3 million ETH.
The trend of accumulating ether (ETH), the Ethereum cryptocurrency, by large investors continues, with a progressive increase in the number of coins that are currently in wallets controlled by these renowned players.
Strategic ETH Reserve tracking site data they estimate that around 12.5 million ETH, which is equivalent to 10.3% of the circulating supply of the asset, are accumulated in two large cohorts: entities that created ether treasuries and issuers of ETH exchange-traded funds (ETFs).
The first, that of the entities, concentrates at least 67 participants and between them they control 5.66 million ETHwhich is equivalent to 4.68% of the ETH in circulation, which amounts to 120.7 million. This stash is also valued at USD 26.31 billion, at the price of the cryptocurrency this Tuesday, October 7.
For its part, in the second cohort, which includes ETFs, the figure is higher. In this case, they accumulate 6.84 million ETH, equivalent to 5.64% of the circulation. This segment is valued at USD 31.72 billion.
The following graph clearly shows the sustained increase in the accumulation of ether by entities and ETF issuers:
The amount of ETH in the hands of institutional treasuries and ETFs has increased by 20% compared to August 25, when CriptoNoticias reported that 10.8 million coins were controlled by these large investors.
Among the companies that opened ETH treasuries, BitMine Immersion, SharpLink Gaming and The Ether Machine stand out, which are the trio of companies that hold the most ETH holdings to date. The first holds 2.83 million coins, the second 838,000 ETH and the third 496,000 cryptocurrencies, respectively.
Many of these companies have potentially benefited from the ETH accumulation trend, reflected in the behavior of actions. Key example is SharpLink, whose shares are up 150% so far this year.
In fact, the company reported on Monday, September 6, unrealized profits reached USD 900 million after the launch of the ETH treasury on June 2.
«During that time, the concentration of ETH doubled, making each share more valuable. With 839,000 ETH on our balance sheet and no debt, SharpLink is in a strong position to continue generating value for shareholders. “This is the power of a productive and profitable asset like ETH,” the entity said.
For its part, among the ETF managers that accumulate ETH, BlackRock stands out, the largest asset manager in the world, whose exchange-traded fund holds 3.9 million ether. It is followed by Grayscale, with 1.8 million and Fidelity, with 780,000 coins.