Ethereum Adds $150B in 2 Months as Bitmine, BlackRock Boost Holdings

Ethereum has gone ballistic, gaining over $150 billion in market cap in 2 months. As of now, Ethereum is at $3,600, up 7.8% in the last...

Written by: Arslan Butt • Friday, July 18, 2025 • 1 min read

Last updated: Friday, July 18, 2025

Quick overview

Ethereum's market cap surged by over $150 billion in just two months, reaching $3,600 with a 7.8% increase in the last 10 days.
A significant short squeeze occurred as leveraged short positions on ETH were 25% higher than February 2025 levels, leading to a 50% price increase.
Bitmine Technologies has become the largest ETH holder with over 300,000 ETH, while SharpLink Gaming also increased its holdings significantly.
BlackRock's iShares Ethereum Trust experienced record inflows of $544 million in one day, totaling $7.6 billion in net inflows since its inception.

Ethereum has gone ballistic, gaining over $150 billion in market cap in 2 months. As of now, Ethereum is at $3,600, up 7.8% in the last 10 days. A quick change in sentiment has triggered one of the biggest short squeezes in Ethereum’s history. According to Zerohedge, leveraged short positions on ETH were 25% higher than February 2025 levels at the start of July. Since then, Ethereum has gone up 50% and squeezed out billions in bearish bets.

ETH futures is another big sign of bullish momentum. Open interest has gone past $51.27 billion, institutional traders are getting in. Analysts say if Ethereum goes up 10% to $4,000, it will liquidate $1 billion more in short positions.

Bitmine Leads Ethereum Treasury Build-Up

More and more public companies are now accumulating Ethereum for their treasuries. Bitmine Technologies (NYSE: BMNR) is now the largest ETH holder, surpassing SharpLink Gaming (NASDAQ: SBET). This week, Bitmine announced it holds over 300,000 ETH, worth over $1 billion. The company’s chairman, Tom Lee, plans to stake 5% of Ethereum’s total supply—roughly $20 billion at current prices.

Backing this is tech billionaire Peter Thiel, who just invested $500 million into Bitmine. SharpLink Gaming added 18,711 ETH worth $65 million and announced a $5 billion fundraise to grow its ETH reserves.

Quick Highlights:

Bitmine: 300,000+ ETH (~$1B)
SharpLink: 18,711 ETH (~$65M)
Ethereum Foundation is now 3rd in ETH holdings

BlackRock Ethereum ETF Sees Record Inflows

BlackRock’s iShares Ethereum Trust (ETHA) is getting a ton of institutional money. On Thursday alone, the ETF saw $544 million in inflows, the highest daily total to date. The asset manager also filed with the US SEC to allow staking within the ETF—big for traditional investors looking for yield on ETH.ETHA has seen $7.6 billion in net inflows since inception, $3 billion in the last 2 months. Total U.S. based Ethereum ETFs have seen $7.1 billion in net inflows.

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.