Mega whales and Wall Street interest push Ethereum toward $3,700

Ethereum is on fire, and it looks like this rally will not be stopping anytime soon. After breaching $3,600, the largest altcoin is $3,700 next while riding a wave of institutional inflows, whale accumulation, and renewed retail FOMO.

Ether is now outperforming Bitcoin, sparking a sentiment of the official start of altseason. With a $416 billion valuation, Ethereum has entered the list of the top 30 global assets. ETH price is running up by 20% over the last 7 days as BTC witnesses a halt at $120K after smashing fresh ATHs. 

Whales go after Ethereum

On-chain data shows two mysterious whale wallets, 0x35fb and 0x9684, scooped up 206,415 ETH (worth $745 million) in just the past week. 0x35fb withdrew 103,274 ETH (worth $372.8 million) from Kraken over 9 days, while 0x9684 pulled 103,141 ETH (worth $372.3 million) from FalconX. The moves appear to be for long-term positioning.

Meanwhile, Trump’s crypto venture World Liberty Financial (WLF) continues stacking. On Friday, it spent another $3 million USDC to buy 861 ETH. This brings its total haul to 70,143 ETH ($251 million) at an average of $3,249. That stash is now sitting on $23 million in paper gains. 

ETH just broke above $3600!

Recently, 2 newly created wallets have accumulated 206,415 $ETH($745M).

0x35fb has withdrawn 103,274 $ETH($372.8M) from #Kraken in the past 9 days.

0x9684 has withdrawn 103,141 $ETH($372.3M) from #FalconX in the past 7 days.https://t.co/5e6AQjMOwt… pic.twitter.com/pfyh7H1MXP

— Lookonchain (@lookonchain) July 18, 2025

Institutions aren’t far behind as BitMine has bought 137,515 ETH (worth $476 million) in the past 3 days. This buy has boosted its total ETH holdings to 300,657 ETH (worth $1.04 billion). At the same time, Gaming firm SharpLink also continues its spree, buying another 32,892 ETH (worth $115 million).

Even the degen side of the market is getting supercharged as a whale went long on ETH with 25x leverage across four wallets on Hyperliquid. It is now sitting on $25 million in unrealized gains.

Ethereum price has surged by 4% in the last 24 hours and has gained 125% over the past 90 days. Its 24-hour trading volume spiked by 10% to stand at $57.7 billion. ETH is trading at an average price of $3,614 at press time.

But the biggest institutional flex came from Ether-linked ETFs reporting a $602 million inflow. BlackRock’s ETHA ETF posted its largest daily net inflow yet of $546 million on Thursday. BlackRock now holds $8.47 billion worth of ETH. Across all issuers, ETH ETFs have raked in $6.48 billion since their launch.

Crypto market blasts past $4 trillion

On-chain sentiment has shifted just as dramatically as the Net Unrealized Profit/Loss (NUPL) metric flipped from capitulation to belief in Q2 2025, weeks before ETH began this surge. However, the crypto industry is getting some valid regulatory clearance.

The US House has passed a suite of crypto-friendly bills. This includes the GENIUS Act for stablecoins and the CLARITY Act for digital asset oversight. Both received strong bipartisan support and are headed to President Trump’s desk, where signatures are expected.

The entire crypto market cap has crossed $4 trillion for the first time ever. Its 24-hour trading volume breached the $250 billion mark. Bitcoin still dominates with a $60.8% share and $2.3 trillion cap.

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