Ethereum’s Whale Surge Is Real—And It’s Leaving Bitcoin Behind

Bitcoin and Ethereum whales’ behavior is diverging, according to recent on-chain data. A recent report from Santiment on Twitter reveals that, over the past week, the number of wallets holding over 1,000 BTC dropped by 1.8%, coinciding with a 3% decrease in Bitcoin’s value. 

In contrast, Ethereum whales became a lot more active in that same timeframe. Santiment reveals that wallets holding over 10,000 ETH increased by 4% over the same period, while Ethereum surged by over 25% and hit over $3,700 per coin. 

We have seen strong institutional demand for Ether over the past weeks, as big players in the industry are now moving to multi-million dollar Ethereum treasuries. 

Companies like BitMine Immersion Technologies and SharpLink Gaming have significantly expanded their ETH holdings, with BitMine reportedly holding over 300,000 ETH and SharpLink acquiring more than 280,000 coins in recent weeks.

This surge in interest by institutions coincides with Ethereum’s “Pectra” upgrade earlier this year, which raised the maximum effective balance for validators from 32 ETH to 2,048 ETH, allowing institutions to consolidate stakes into fewer validator nodes.

Adding in the potential for staking returns could make Ethereum a very attractive treasury asset. Now, as the SEC appears to ease off from going after proof-of-stake under the current administration, the regulatory landscape appears to be shifting in Ethereum’s favor. 

On that note, the CLARITY Act, a bill that aims to classify assets like Ethereum as “digital commodities”, passed the House last week and is now on its way for a Senate vote. If approved, it would formally divide crypto oversight between the SEC and CFTC and give assets like Ethereum a clearer regulatory identity.

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