Key Takeaways

Ethereum climbed above $4,770 as institutional inflows, whale accumulation, and record network activity boosted adoption. Market watchers now eye a breakout toward $5,500.

Ethereum [ETH] stepped into Q3 2025 with fresh strength as demand pushed its price above the $4,000 mark.

Once seen as a secondary choice to Bitcoin [BTC] among institutions, ETH has now secured its place alongside the flagship cryptocurrency in the eyes of major investors.

BitMine bets big on Ethereum

A prime example is Tom Lee’s BitMine, which has steadily expanded its Ethereum holdings to more than 1.5 million ETH, now valued at roughly $7.19 billion.

Source: Arkham/X

The firm’s aggressive strategy included a recent $45 million purchase, adding nearly 9,500 ETH to its already sizable treasury.

While the latest buy-in at around $4,735 per token had not produced gains yet, BitMine’s earlier acquisitions, averaging $3,492, left it with close to $1.9 billion in unrealized profit.

Ethereum in full action

This coincided with ETH trading at $4,771.74 at press time, reflecting a 0.82% gain in the past 24 hours and a remarkable 31% surge over the last month, according to CoinMarketCap.

Moreover, institutional interest backed the rally, with Ethereum ETFs recording inflows of $337.7 million on the 23rd of August, according to Farside Investors.

On-chain data also painted a bullish picture.

Token Terminal figures showed Ethereum Layer 1 activity at record highs, with both daily transactions and Active Addresses hitting unprecedented levels.

Bitcoin whale joins the ETH push

Adding to the bullish momentum, a major Bitcoin whale has shifted billions from BTC into ETH.

According to Lookonchain, the trader sold 4,000 BTC ($460 million) to accumulate 179,448 ETH worth about $806 million at an average price of $4,490.

His position included 135,265 ETH in long contracts ($581 million) with $58 million in unrealized gains, per Lookonchain.

On top of that, he converted another 300 BTC ($34.9 million) into ETH, bringing spot holdings to 122,226 ETH at an average of $4,377—already showing $42 million in paper profits.

What makes this surge even more compelling is that Ethereum’s growing demand has not come at the cost of high transaction fees.

Short-term challenges persist

However, despite record-breaking activity, gas prices stayed at historic lows, reflecting the success of Ethereum’s scaling upgrades.

This efficiency strengthened investor confidence, with analysts eyeing a potential breakout toward $5,500.

In fact, the network’s ability to handle massive transaction volumes at low costs enhanced its utility and reinforced its position as a long-term store of value.

Capitalizing on this momentum, BitMine Immersion Technologies recently moved to expand its at-the-market equity offering to $20 billion, bringing total approvals to $24.5 billion.

With part of these funds set aside for Ethereum accumulation, the move signals how institutions are increasingly positioning ETH alongside Bitcoin as a core holding.