On-chain data from Arkham Intelligence revealed that whales are aggressively stacking up more Bitcoin and Ethereum. According to the on-chain data, a whale received 12,000 ETH, worth around $45.47 million, from Galaxy Digital in the last 2 hours.
On-chain data also showed the wallet now holds 112,972 ETH, worth roughly $426.7 million. In the last 7 days, the wallet address has also accumulated more than 100 ETH, worth over $370 million.
Recent data also highlighted an increase in Bitcoin accumulation by whales, with a historically low sell-side risk ratio of 0.24 indicating reduced large-scale selling pressure. The asset’s trend accumulation score has also approached 1.0 over the past two weeks, suggesting strong BTC institutional and whale buying interest.
 Anchorage Digital acquires 10,141 BTC, worth around $1.19 billion
Anchorage Digital has accumulated 10,141 $BTC($1.19B) from multiple wallets over the past 9 hours.https://t.co/zdNKM8YyQk pic.twitter.com/KCibu3t62l
— Lookonchain (@lookonchain) July 30, 2025
Arkham Intelligence also revealed that Anchorage Digital has accumulated 10,141 BTC, worth around $1.19 billion, from multiple wallets over the past 9 hours. Since July 9, a total of 9 fresh wallets have accumulated 640,646 ETH, worth around $2.43 billion. Three wallets added another 74,207 ETH ($$273 million) on Thursday, showing strong confidence among large investors.
Ethereum has continued to rise and reached an all-time high of $3,940.66 on Monday, a 52.20% increase in the last 30 days. At the time of publication, the digital asset is currently exchanging hands around 3,817, a 1.81% jump in the last 24 hours. Bitcoin also hit an all-time high of $123,091 on July 14, but has since slightly pulled back to around $118,000 at the time of publication.Â
The Strategic ETH Reserve revealed that accumulation of Ether by whales and institutions has surged from 1.2 million to 2.3 million in four weeks. According to analyst Ali Martinez, whales have also purchased more than 1.13 million ETH ($4.18 billion) over the past two weeks.
ETH treasury firms add to their Ethereum holdings
🚀 Ethereum Corporate Treasury Wave
• Treasury firms bought 1.26 M ETH, 1 % of supply, since June, nearly matching the 2 M ETH acquired by ETFs in the same span
• @StanChart Standard Chartered’s Geoffrey Kendrick forecasts a 10× leap taking treasuries to 10 % of all ETH
•… pic.twitter.com/HUjeoxvSiG— Gauss Research | Crypto Insights (@GaussResearch) July 29, 2025
Standard Chartered Bank reported Tuesday that corporate treasury companies have added to their Ethereum holdings and bought roughly 1.26 million ETH, around 1% of all ETH in circulation, in just two months.Â
Standard Chartered’s global head of digital asset research, Geoffrey Kendrick, argued that ETH treasury companies are just starting and could likely buy ten times more. He also believes that such companies could hold 10% of all ETH in circulation. At the moment, Bitcoin treasury firms hold about 4.4% of the total BTC supply, with Strategy holding nearly 3%.
BitMine (BNMR) is the largest ETH treasury company so far, holding roughly 625,000 ETH worth over $2.3 billion. Tom Lee’s investment firm also revealed plans to control over 5% of the total Ethereum supply.Â
SharpLink Gaming (SBET) also had rounds of ETH purchases, making it the second-largest ETH holder with over 438,000 ETH, according to on-chain analytics. SBET’s latest buy of roughly 77,210 ETH also represents more than all the Ether issued in June.
“Beyond BNMR and other existing holders, several new entrants are likely over time. In the Bitcoin treasury space, it took several years for MSTR to spawn significant buying imitators.”
-Geoffrey Kendrick, Global Head of Digital Asset Research at Standard Chartered.
Kendrick also believes that if BNMR attains its 5% goal, the rest of the ETH treasury companies could eventually hold more than 10% of the asset’s circulating supply.
ETH has recently outperformed BTC, as seen from the ETH/BTC ratio, which has jumped from 0.032 in April to 0.018. Kendrick argued that it mirrors strong buying from treasury firms and increased inflows into ETH exchange-traded funds (ETFs). The bank’s crypto researcher also believes that if the flows continue, ETH could break above the key $4,000 level, Standard Chartered’s current end-2025 forecast.Â
Kendrick stated that Ethereum treasuries have more bullish potential than Bitcoin-focused ones. He argued that ETH treasuries can earn staking rewards (around 3%) and access to decentralized finance leverage, giving them a better advantage.
