Ethereum crossed $2,500 briefly last week after a 30% weekly gain, its sharpest price move in years, before settling just below that level. The push higher came as institutional buyers committed hundreds of millions of dollars to the asset within days of each other.
According to Arkham, Tom Lee's Bitmine purchased approximately $79.17 million worth of ETH over the past week, the firm's largest weekly purchase in more than a month and a half. Bitmine now holds $14.72 billion of ETH, representing about 4.85% of the total ETH supply. The firm's average purchase price sits at roughly $3,400, well above where ETH traded just a few months ago.
*TOM LEE BOUGHT $80M ETH
— Arkham (@arkham) August 24, 2026
Tom Lee’s Bitmine purchased ~$79.17M of ETH over the past week - their largest weekly purchase in over a month and a half.
Bitmine currently holds $14.72B of ETH, representing ~4.85% of the total ETH supply. Bitmine’s average purchase price is ~$3,400. pic.twitter.com/L7UYWcx9WU
Whale Insider reported that BlackRock clients bought $90.92 million worth of ETH. The SoSoValue data showing BlackRock's ETHA led all spot Ethereum ETF inflows on August 24 with $90.92 million out of a $116 million session total.
JUST IN: BlackRock clients buy $90.92 million worth of $ETH. pic.twitter.com/qQSKcmExz3
— Whale Insider (@WhaleInsider) August 25, 2026
Bitmine and BlackRock commit hundreds of millions in a narrow window
The prior week had already reflected growing institutional appetite. Cumulative spot Ethereum ETF inflows reached $697 million for that period, with BlackRock's ETHA responsible for $537 million of that total. Session-by-session, flows ran at $30.85 million on Monday, $71.47 million on Tuesday, $189.15 million on Wednesday, $220.77 million on Thursday, and $185 million on Friday.
Wednesday's jump followed a US Treasury Department announcement that it would double the maximum size of liquidity-support buybacks for longer-dated government debt, from $2 billion to at least $4 billion per operation.
Exchange withdrawals and whale addresses signal fresh accumulation
On-chain data shared by crypto analyst Ali Martinez showed more than 180,764 ETH, worth approximately $440 million, had left exchanges over the past week. Martinez said the trend supports the case for stronger buying pressure.
The number of wallet addresses holding more than 10,000 ETH rose by 1.74% over the same period, with 17 new whale-scale addresses added to the network. Martinez also pointed to Ethereum's MVRV Ratio, which formed a golden cross above its 160-day moving average on August 19.
The resistance zone between $2,722 and $2,970 will determine the next move
Despite the recent strength, ETH faces a concentrated supply wall. URPD data shows 16.70 million ETH were previously acquired in the $2,722 to $2,970 range. Martinez noted that if ETH clears that zone, the next major MVRV Pricing Band sits near $5,363 at the 2.4 level. A rejection there could send the price back toward the Realized Price near $2,235 before any further advance.
Crypto analyst Ted put the near-term threshold plainly on X.
"A weekly close above this zone and Ethereum will pump straight to $3,000," he wrote, referring to the $2,500 to $2,550 resistance area.
The Long Investor, a market commentator, noted that ETH had reached its 200-week moving average for the 11th time over five years. Each prior instance in which ETH fell below that level was followed by a return to it. The 50-week and 200-week moving averages now sit at the same price level, a confluence the analyst said could serve as a base for a return toward all-time highs.
A large Lubin-linked wallet made its move when ETH was at $1,560
The path to the current rally was not smooth. In June, when ETH had fallen below $1,600 and was down roughly 47% year-to-date, a wallet labeled "Joseph Lubin?" by Arkham Intelligence transferred 110,000 ETH worth approximately $170.78 million across three transactions. Onchain Lens reported the funds went into Sky, formerly MakerDAO, vaults as additional collateral.
The three destination vaults held a combined 412,430 WETH against $259.05 million in DAI debt, with liquidation prices at $899, $1,020, and $1,056 per ETH. The wallet is tagged as a Genesis Block Address that received ETH in the July 2015 distribution. Neither Lubin, who is also CEO of Consensys, nor the company addressed the transfers. Consensys declined to comment when contacted by The Block.
That period also coincided with notable selling. Bankless co-founder David Hoffman publicly disclosed he had cut his ETH position in May. Lookonchain reported that an early Ethereum holder sold approximately 55,000 ETH and 9,442 wstETH for a combined $136 million at an average price of $2,041.
Roman Zaika
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