Ethereum Price Surges as Institutional Demand and Treasury Buys Drive Growth
Investors are closely watching Ethereum's (ETHUSD) price action as it inches closer to Tom Lee's prediction of surpassing $10,000 within the next 12 months. Fundstrat's Tom Lee attributes this potential milestone to rising crypto treasury buys and growing institutional allocations driving demand for Ethereum spot prices.
BitMine, a prominent investor in Ethereum, has significantly increased its ETH holdings to 6,001,302 coins, worth approximately $16.06 billion, following a purchase of 17,362 ETH the week ending September 28. The company reports that it has staked 5,067,309 ETH as of September 27.
Exchange reserves have also seen a notable rise, with Beincrypto reporting an increase of around 125,000 ETH since Friday. This surge in Ethereum's price and demand is accompanied by substantial realized profits exceeding $222 million on Friday alone.