Ethereum’s price surge has been fueled by a recent surge in buying activity, with both large investors and unknown entities driving significant purchases. Recent reports highlight the emergence of a mysterious institution accumulating substantial amounts of ETH in just days. 👀 Lookonchain, a blockchain analytics platform, reveals that this entity has created three new wallets on August 12th alone, withdrawing over $410 million worth of ETH from Kraken exchange and adding to their holdings. While some speculate this could be established Ethereum players focusing on reserve strategies, concrete evidence is currently lacking. We’re also learning about the activities of known whale entities like Bitmine Immersion Technologies who have been amassing a massive 1.3 billion in ETH tokens, valued at over $5.7 billion. SharpLink and Coinbase are close behind with substantial holdings as well. This activity comes amidst a market-wide pullback, where even smaller investors reacted by selling off some of their Ether holdings. However, Bitmine has been buying during this downturn, spending an additional $470 million to acquire 106,485 tokens. In contrast, the Ethereum Foundation is continuing its divestment strategy as shown through Lookonchain’s data revealing another sale of 7,294 ETH within the past three days. The total value of this transaction was $33.25 million. CryptoPotato provides a detailed analysis of the recent buying activity and the evolving Ethereum market landscape.