Ethereum investors pile into ETH amid massive weekly surge
Corporate Ether treasury companies accumulated more than 545,000 ETH over the past 30 days, according to recent purchase announcements.
On Monday, BitMine Immersion Technologies, chaired by Fundstrat's Tom Lee, announced that its total Ether holdings were 163,142 ETH, worth around $480 million at current market value.
Comparing to the aggressive Bitcoin accumulation by Michael Saylor's Strategy, Lee said, 'ETH treasuries which [can] accumulate 5% of the ETH supply can benefit from a similar 'Wall Street put',' implying that Wall Street will become bullish on Ethereum in the same way it is for Bitcoin and Strategy. Joe Lubin's SharpLink is the treasury king
Meanwhile, Joseph Lubin's gaming platform, SharpLink, acquired another 10,000 ETH on July 11, 16,370 ETH on July 13, and a further 24,371 ETH for $73.2 million on Monday, bringing its total to over 255,000 ETH and making it the largest corporate Ethereum treasury.
Consensys founder Lubin has even referred to himself as a 'self-appointed representative of The League of Extraordinary ETH Accumulator Gentlemen,' tipping his hat to BitMine and others for their recent accumulation acceleration. Expanding list of Ethereum treasuries
Other companies that have recently acquired Ethereum for corporate treasuries include digital asset platform Bit Digital, with more than 100,000 ETH, and Blockchain Technology Consensus Solutions (BTCS), which raised $62.4 million to expand its ETH holdings to 29,122 ETH this month.
Meanwhile, GameSquare announced a strategic plan for a $100 million Ethereum treasury on July 8.
Almost $1 billion in Ether fund inflows
It comes as Ethereum-based digital investment funds posted their 12th consecutive week of inflows, totalling $990 million, the fourth largest weekly inflow on record, reported asset manager CoinShares on Monday.
Ethereum products have seen more than $4 billion in inflows so far this year, and almost 30% of that has come in the last two weeks as institutions pile into the asset.
In relative terms, Ethereum's inflows over the past 12 weeks account for 19.5% of the total assets under management for all global Ether funds, compared to 9.8% for Bitcoin funds, CoinShares noted.
ETH prices topped $3,000 for the first time since February on July 11, but have pulled back below it at the time of writing with a 17% gain on the week.
Source: https://cointelegraph.com/news/ethereum-investors-pile-into-eth-amid-massive-weekly-surge
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