Ethereum (ETH) may be on the verge of a new growth phase as recent data reveals that 95% of all Ether held by public companies was accumulated in the third quarter of 2025. Analysts suggest that this unprecedented buying trend could mark the beginning of an Ethereum “supercycle,” fueled by institutional demand, ETF inflows, and increasing amounts of ETH locked in staking contracts.
Massive Institutional Accumulation in Q3
According to a report from Bitwise Invest, nearly all Ethereum holdings in public company treasuries — worth an estimated $19.13 billion, or about 4% of the total ETH supply — were added between July and September 2025. The data shows that public entities accumulated roughly 4 million ETH during this period, taking their total holdings to 4.63 million ETH by the end of Q3.
This wave of accumulation coincided with renewed optimism for Ethereum’s long-term value, particularly as institutional investors began diversifying beyond Bitcoin following spot Ether ETF approvals in multiple jurisdictions.
Q3 Buying Surge Raises Q4 Expectations
Traditionally, the fourth quarter has been one of Ethereum’s weaker periods in terms of performance. However, the sudden concentration of corporate purchases during Q3 has led analysts to question whether history might be about to change.
As of mid-October, Ethereum was trading around $3,980, down slightly after touching highs above $4,300 earlier in the month. The pullback came amid a broader market sell-off that triggered nearly $19 billion in liquidations across crypto markets. Despite the short-term dip, sentiment among institutional investors remains notably bullish.
Top Corporate Holders Dominate Treasury Balances
Data from StrategicETHReserve identifies BitMine Immersion Technologies as the largest corporate holder, with 3.03 million ETH in its treasury. Sharplink Gaming follows with 840,120 ETH, and The Ether Machine holds approximately 496,710 ETH.
Executives at these firms say their confidence in Ethereum stems from its strong fundamentals, growing adoption in decentralized finance (DeFi), and expanding use cases across real-world assets and enterprise blockchain systems.
Analysts Predict ETH Could Reach $10,000
High-profile market commentators such as Arthur Hayes, co-founder of BitMEX, and Tom Lee, chair of BitMine, both expect Ethereum’s price to rise as much as 200% before year-end. Lee even suggested a potential rally toward $12,000, driven by continued accumulation and positive on-chain trends.
This bullish sentiment echoes the optimism of previous Ethereum cycles, where long consolidation phases were followed by explosive growth.
Institutions View Ethereum as the ‘Best Choice’
Joseph Chalom, co-CEO of Sharplink Gaming, described Ethereum as “the best choice for institutions,” highlighting its decentralization, robust security, and network growth. Speaking to Cointelegraph Magazine, Chalom explained that one of Sharplink’s top priorities is to raise capital and increase its ETH exposure over the coming quarters.
“Ethereum continues to prove its resilience and scalability,” he said, adding that institutional adoption is only at its early stages.
ETF Inflows and Staking Lock-Ups Add to Bullish Case
Beyond corporate treasuries, analysts point to steady inflows into U.S. spot Ether ETFs as another major catalyst. These investment products have made ETH exposure more accessible to traditional finance, leading to a consistent rise in accumulation among both retail and institutional participants.
In addition, roughly 40% of Ethereum’s total supply is now locked in staking contracts, effectively reducing circulating supply. This structural tightening has led analysts like Merlijn The Trader to describe the current setup as “the foundation for an Ethereum supercycle.”
“The supply crunch we’re seeing is unprecedented,” Merlijn said on X (formerly Twitter). “When demand collides with scarcity, the upside could surprise everyone.”
ETH vs. BTC: The Next Big Rotation?
Another narrative gaining traction is the Ethereum-to-Bitcoin rotation trade. Michaël van de Poppe, founder of MN Trading Capital, remarked that the ETH/BTC pair has only just started its upward move, comparing the setup to the early stages of 2019’s altcoin rally. “The first uptick has happened,” he said, “and there’s much more upside ahead — perhaps more than most can imagine.”
If the rotation continues, Ethereum could outperform Bitcoin through Q4 2025 and into 2026, reinforcing its position as the second-largest cryptocurrency by market capitalization.
The Road Ahead for Ethereum
While the short-term price outlook depends on broader market sentiment and macroeconomic conditions, the data points to a clear trend: institutional investors are betting heavily on Ethereum’s long-term potential.
Between strong corporate accumulation, ETF growth, and a shrinking liquid supply, Ethereum appears positioned for a breakout once current market volatility subsides.
If historical patterns hold and institutional inflows continue, Ethereum’s Q3 accumulation may well be remembered as the early phase of a new ETH supercycle — one that could reshape the asset’s trajectory through the rest of the decade.
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