• Recently, there has been an increase in interest in Ethereum. This demand has come due to the increased amount of growth Ethereum has managed to make within the last few months.
• Over the last week, an unknown institution managed to buy about $946 million worth of Ethereum from FalconX, Galaxy Digital, and BitGo.

Lately, the demand for Ethereum from institutions, both public and private, has significantly increased. While well-known firms like Coinbase, Binance, and Bitfinex hold significant amounts of the token in their treasury, other institutions are still capitalizing on its current momentum to buy more of the token.

Recently, Tronweekly shared an article on how much institutions have shifted their treasury buying from Bitcoin to Ethereum. According to the details shared, one of the major causes of this move is because to the ‘insane’ growth the price is making. In the last 90 days, its price has grown by over 64.38%, while Bitcoin has only grown 10.72%.

Also Read: Ethereum’s institutional Interests Surpass Bitcoin

Who bought almost $1 billion in Ethereum?

Within the last few days, an unknown buyer was recorded on-chain building a very significant Ether position. According to the data, this mysterious institution purchased a total of about 221,166 ETH immediately after the token price increased by 21%.

Source: Lookonchain
The details of the buy were recorded by on-chain investigator Lookonchain. The mysterious buy started on the 4th of August with $361 million in ETH from FalconX, Galaxy Digital, and BitGo. After that, the institution went again and bought another $40 million ETH, then bought another $40.7 million ETH on the 8th of August, and finally, Lookonchain shared that 7 hours ago, there was another $212 million ETH buy.

This aggressive accumulation strategy has drawn significant attention in the crypto market, especially as activity accelerated in the last 24 hours. All of this buying momentum started after Ethereum’s market value climbed to $523 billion, driven by a 21% increase in Ether’s price over the last week.

Also Read: ZORA Price Soars 38% in a Day: Can the Rally Break All-Time Highs?