PANews reported on August 9th that on-chain analyst Yu Jin's monitoring revealed that over 1.035 million ETH (worth $4.167 billion) had been hoarded by multiple unknown whales and institutions through exchanges and institutional platforms over the month since July 10th. The price of ETH also rose 45% during that month, from $2,600 to $4,000.

Most of the ETH hoarded by these addresses should belong to institutions or US-listed companies that hold ETH reserves (excluding SBET, whose address is known). The average price of these hoarded ETH is approximately US$3,546.