- Ethereum is suddenly the belle of the corporate treasury ball, and everyoneās hoping they wonāt spill punch on its dress.Ā
- Is this āinstitutional interestā enough to pump ETH to $3K, or will we all have to keep refreshing those price charts until our fingers cramp?Ā
Ethereumās Strategic Reserveāabbreviated, somewhat optimistically, as SERāhas suddenly muscled up, threatening to turn the Bitcoin and Solana boardroom parties into that one dull conference you forgot to RSVP for but, honestly, didnāt really want to attend anyway.
The latest tally: all the institutions you imagine negotiating deals in windowless rooms, plus the actual government of Michigan, now count themselves proud owners of $2.1 billion in ETH (thatās 789,905 coins, and yes, someone had to count).Ā Ā Ā
Ethereum Foundation, Coinbase, and Golem Foundation are leading the pack, which is rather like being first in line for a roller coaster that occasionally catches on fire.
The U.S. government is hoarding 59,965 ETH, presumably hoping the IRS never finds the wallet password. Meanwhile, Michiganāhome of lakes and General Motorsāhas 4,000 ETH. Bhutan, known for mining happiness and Bitcoin, shuffled in with a casual 495 ETH.
Will āSerious Moneyā Make ETH Moon? š
Whenever a suit buys crypto, you know theyāre expecting a return. Just like in Bitcoin, every firm with a boardroom now seems to be playing hot potato with ETH in their treasury. Will it work? Well, according to CryptoQuant, most new demand for Ethereum comes from people with enough in their wallets to buy several small islands (or maybe a moderately sized French chĆ¢teau).
These āwhalesāābecause everything in crypto needs an animal, apparentlyāholding between 10K and 100K ETH (blue) and their slightly less intimidating cousins with 1K-10K ETH (orange) have spent mid-2024 stacking their piles higher.

Between them, these two classes of crypto hoarders have squirreled away 16.7 million and 12.5 million ETH. Meanwhile, retail holders with 100-1K ETH (greenābecause leprechauns?) got bored and started selling, trimming their stash from 14 million to 9 million ETH.
Translation: giant institutions are now the kid at the birthday party who refuses to share their cake, and the rest of us are left licking the frosting off the knife. Whether the price goes up depends on how long the whale pod stays hungry.Ā
ETH has now popped over 90% from its April low of $1,385, even flirting with $2.7K for the first time since February. Someone credited a successful āPectra upgradeā for the rally, but personally I suspect itās just FOMO and everyoneās general terror of missing another crypto run.

So here we are, back in that familiar $2.3K-$2.8K rangeāthe āif you squint it looks bullishā zone. If ETH ever manages to clamber over $3K (cue ominous music and fanfare), perhaps weāll get a proper rally. Or just another episode of āETH Trades Sideways: The Series.āĀ
Despite the party hats and confetti, Crypto Twitter (CT) remains unconvinced. Zach Rynes from Chainlink chimed in to say that ETH has picked a fight on three fronts and is losing them all. Presumably, at least one of those is with his own patience.

Other pundits insisted he was wrong, as is tradition. Regardless, the market likes what it seesāfor now. CoinGlass shows Binanceās ātop tradersā increased ETH long positions from 63% in May to 74% in, well, slightly-later May. Because nothing says confidence like doubling down after a 90% rally.
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2025-05-14 20:44